A divorce equals a lot of changes coming into your life. You and your spouse should have created wills after marriage, and upon a divorce, the two of you also need to make sure your wills receive updates. The state of Florida does help a bit with this. In 2012, the state passed legislation automatically revoking beneficiary designations in people’s wills in the event of a divorce.
It is highly recommended to meet with a lawyer once the divorce is final to ensure your will adequately reflects your wishes. For example, your former spouse may no longer be a beneficiary, but you need to decide who will not inherit your assets upon your passing.
It is part of a comprehensive move
There are numerous policies you probably hold that your former spouse was part of. Your IRA, pensions and life insurance policy may include certain provisions related to your ex, and you want to make sure they all receive updates to reflect your current living situation. When you meet with a lawyer to update your estate planning, you will also learn about the various other steps you need to take during this time. It is best to take care of everything immediately following a divorce so that you do not forget anything.
It makes things easier in the event you remarry
It helps to have conversations about estate planning with a loved one when you better understand all the various facets that go into it. By staying current with your will, you can have more effective conversations with a potential future spouse. Before a second marriage, you will want to discuss how to divide assets between your children from a previous marriage, your new spouse and any new children the two of you may have together in the future. You will also need to update these documents in the event you and your new spouse decide to move to another state. Even if you took care of everything previously, there may be different estate planning laws at your new home.