Divorce will bring many changes to a person's life, including finances, retirement and more. In a time of upheaval and transition, it can be easy to overlook some of the things a California resident may need to do after divorce in order to truly protect his or her interests. One of these things is to make estate planning adjustments.
Significant life changes likely merit changes in an existing estate plan. Often, this means changing things in a will and other documents that a person drafted either before marriage or during marriage. In addition to changing the names of beneficiaries and heirs in a will, it may be necessary to also adjust any trusts included in an estate plan.
Divorce may also mean that a person will need to consider changes to his or her estate plan in order to protect the children. This may include adjusting plans for guardianship or creating a trust for their financial well-being in the future. Other important adjustments may include changing who is designated as a health care proxy or who will have power of attorney in case of an emergency situation. After a divorce, a person may not want his or her ex-spouse acting in this capacity.
Estate planning can be a complex process, but with help, a California resident can make choices that will protect his or her financial future and security. Divorce represents many significant changes, and it is beneficial to seek help regarding necessary adjustments to estate plans after walking through this process. An assessment of the current plan can help a person understand what steps he or she needs to take to bring everything up to date.