Yuletide is just around the corner. They say it’s the most wonderful time of the…
A divorce can be one of the most stressful and difficult times in your life. Once the process is officially over, it is common to want to forget about all the paperwork and finances and take a much-needed break from the chaos.
However, it is prudent to immediately review your planning documents and take the following steps:
- Update your Advance Directives (i.e., – Power of Attorney and Health Care Proxy to remove your ex-spouse as agent). A divorce decree does not invalidate these documents or automatically remove your spouse from acting as your agent.
- Update your Last Will & Testament and Trusts to remove your ex-spouse as a beneficiary and/or fiduciary.
- Update your beneficiary designations on your life insurance contracts, bank/financial accounts and annuity contracts (subject to any limitations set forth in your divorce decree).
- Remove your ex-spouse as an insured from any insurance policies such as homeowner’s, car insurance and umbrella policies.
- Cancel joint credit cards.
- Change the passwords on your home alarm, computers and online banking log-ins.
- If a name change is incorporated into your Decree, obtain new identification documents from social security administration and update your driver’s license with the Department of Motor Vehicles.
Then, look forward to a new beginning!