5 Estate Plan Items To Review
When people are married, it is common to have estate plans set up with the other person listed as a beneficiary. But when the marriage ends, you will want to spend time reviewing and updating items. Because there are so many issues to address when navigating a divorce, estate planning often falls to the bottom of the list, but ignoring these items could result in the individuals you want to inherit your assets being empty handed.
You do not have to attend to all of the legalities of a divorce on your own. There are professionals who negotiate divorce terms and update estate plans who can help. Share your goals post-divorce with a Tampa family lawyer. Your attorney will fight for the future you want and can even help you draft documents to secure the legacy you desire to leave behind.
Top Items to Keep In Mind
Every family has its own unique qualities, so what estate documents you need may not be the same as those of a friend or family member. That said, be sure to update the following five if you are divorcing.
- Last will and testament
- Documentation of child custody wishes
- Instructions or guidance for memorial service
- List of technology usernames and passwords
- Power of attorney documents
A last will or testament is important as it expresses to others how a person wants their property and assets distributed when they pass away. When individuals are married, it is often a spouse that is the primary beneficiary. If your will is not adjusted, your ex-spouse could inherit your assets. If you prefer that your investments, house, and other things of value go to friends, family members, or to charities of your choice, make those beneficiary desires legal in an updated will.
Establish Guardianship Wishes
If you and your ex-spouse have a co-parenting agreement in place, it is likely your ex will be the sole guardian should you pass away. This could even be part of a divorce agreement. But while this is the most common guardianship arrangement, there are situations in which one parent wants to shield their children from another parent because they are reckless or dangerous. Then, an appropriate adult that will be the guardian needs to be outlined in estate documentation.
Additionally, you may want to review your life insurance coverage and check who is listed as a beneficiary on your retirement plans. There are many things to attend to when going through a Florida divorce, a Tampa family lawyer has the knowledge to set the process through.
Is it time for you to do a full review of what documents need to be updated following a Florida divorce? There are skilled legal professionals available who can guide you through the process and inform you of possible outcomes. When you are ready to secure the future you want, meet with the legal team at Blair H. Chan, III. To make your objectives a reality, connect with a skilled Tampa family lawyer today. Call 813-280-5301 to schedule an initial consultation.