If you have recently gotten divorced, you might be making a lot of changes in your life. However, if you haven't yet met with an estate planning attorney, you should know that this is another thing that you probably need to do. If you're curious about why this is something that should be prioritized when you are dealing with so many other things in your life, consider the main reasons listed below.
You May Want to Change Your Beneficiary on Your Insurance Policy
If you have a life insurance policy, there is a good chance that your spouse is listed as the beneficiary. Now that you are divorced, you may want to list someone else. For example, you might want to list one of your adult children or your parents. Now might also be a good time to assess whether or not you have a large enough life insurance policy.
You May Want to Change Your Will
You might already have a will in place, but it may have been drawn up while you were still married. Now, you might need to make changes for a few reasons. First of all, if your spouse was listed as the beneficiary of most or all of your assets in your will, you will probably want to change this. Additionally, there is a chance that some of your assets were divided up during your divorce, so your will might be outdated. Now is a good time to talk to your estate planning attorney about the assets that you still have so that you can make any necessary changes to your will or have a new will drawn up entirely.
You May Want to Make Plans to Ensure Your Children Are Cared For
In the event that you pass away while your children are still minors, it is probably very important to you to make sure that your children are properly cared for. If you're getting divorced, however, you might be concerned about whether or not your children's other parent will be able to provide for them in the case that you pass away. This means that you may want to set up a trust for them or take other similar steps. A good estate planning attorney can talk to you about your options and help you ensure that your children will be cared for as well as possible if you pass away while they are still minors.
Contact an estate planning lawyer for more information.