If you are like most people who get divorced in Virginia, just dealing with the basics of the actual divorce can leave you feeling like you’ve run a marathon. It can be extremely taxing to deal with asset valuation and division, agreements on who will have what time with the children, whether or not you will need to pay or will receive spousal support and more. However, as much as you may want to be done with your divorce after you sign on the dotted line, there is more you should do.
Forbes explains that it is very important for any newly divorced person to spend the time and energy needed to revise estate plans after a divorce is final. If no estate plan was in existence prior to a divorce, there is no time like the present to create one. A divorce in some ways represents a fresh start and you should include your future plans in that fresh start. Certainly any wills or trusts should be amended as it is likely you will need to revise not only your beneficiary allocations but also possibly the naming of your executor.
In addition, you will want to make sure that you update the beneficiaries on accounts like retirements, pensions and life insurance policies as your former spouse is quite likely the current beneficiary and few divorced people really want this to be the case.
If you would like to learn more about what estate planning tools or resources you should evaluate after your divorce, please feel free to visit the asset division and distribution page of our Virginia estate planning website.