The end of a marriage will bring about significant financial changes for both parties. In the midst of this difficult process, it is easy to lose sight of important decisions that could provide protection long-term. For any Tennessee adult going through a divorce, changing an estate plan could be a critical step, even while the process is ongoing.
It can take months or even years for a divorce to be complete. In some cases, critical matters can arise during a divorce, such as a serious accident, and an updated estate plan that matches the current family and legal situation will be important. It may be best to consider updating and changing existing plans as soon as possible after making the decision to divorce or after the divorce is final.
Protecting your future
The decision to divorce was not easy, and the last thing you may want at the moment is more paperwork and more compilation. While it is easy to overlook estate plans during a divorce, it will be in your interests to think long-term regardless of how you feel in the moment. By organizing documents, updating beneficiary designations and taking other steps, you will have security in certain matters during a time that may feel complicated and difficult. There are steps you can take immediately, and there are plans you can make now to put into action once your divorce is final.
During a divorce, certain financial matters may be on hold. You may not be able to make significant changes to your estate plan immediately, but you can prepare now for important steps you will want to take. For example, it will be critical to update beneficiary designations as soon as possible so that your ex-spouse will not receive benefits in the event of your death.
Know your rights and options
You may not be thinking about your estate plans while you are going through your divorce, but there is no time to lose in making plans that will allow you to secure your future interests. While you are considering property division and other financial matters related to your divorce, it will be prudent for your future to also think about how you can shield your long-term legal interests, financial security and health care rights through updated estate plans.
