For many people, going through a divorce means having to rethink a lot of the things they once took for granted. Things like paying the bills, figuring out how to run a home by yourself and taking care of everyday things usually takes precedence. There are some other things that you should take care of after a divorce to make sure that you are prepared for other events that may occur.
One important thing you have to think about is your estate plan. If you had one while you were married, it likely needs to be updated now to reflect your new circumstances. If you don’t have an estate plan, now is a great time to create one.
You have to think about who you will name as beneficiaries to your estate. Your life insurance policy, individual retirement accounts, 401(k) accounts and other financial accounts need to have beneficiary designations that reflect your new life. On many of these, your ex might be the beneficiary, so unless you trust that your ex will use these assets for your children, you should rethink naming your ex as the beneficiary.
Your kids will need to be cared for if something happens to you. Make sure that you have an estate administrator who will follow your wishes for your estate, including the distribution of assets. By having a complete estate plan, you can save those you leave behind the trouble of having to go through probate court to access these assets. Being able to bypass probate court will save both time and money for your loved ones, so make sure your estate plan covers everything necessary under Florida law.
Source: Daily Finance, “5 Tasks to Help You Start to Rebound Financially Post-Divorce” Hank Coleman, Apr. 29, 2014