The Springer Law Firm
Call Us Today To Schedule Your Consultation
281-616-7540

Your HOMETOWN Lawyers

Divorce after retirement can call for many estate plan changes

Most people look forward to the day when they are able to retire. While this is often a wonderful turning point, a curve ball may come into the picture if you find yourself facing the divorce process.

Divorce after retirement calls for many things, including a review of your estate plan. If you neglect to take this step, your assets could end up in the wrong hands after your death.

Here are three of the most important things you can do if you find yourself in this position:

1. Alter your beneficiary designations

You will need to review any assets that let you name a beneficiary, such as a life insurance policy or retirement account. If you don't want to leave the asset to your ex-spouse, it's essential to immediately change the beneficiary designation.

2. Your will or living trust

It doesn't matter if you have a will or living trust, it goes without saying that you'll want to review it in great detail to determine if changes are necessary.

3. Powers of attorney

Do you have a power of attorney that grants your former partner power in the event that you become incapacitated? For example, a medical power of attorney allows someone to make health care decisions on your behalf if you are unable to do so.

If your ex-spouse is your the agent, you don't want to leave this as is any longer. If you do, this person could step in and be in charge of making important decisions if you are incapacitated.

There is a lot to consider when it comes to creating and managing an estate plan. Even if you have a plan in place, it doesn't mean that it can remain the same until the end of your life. Instead, it may require some changes over time, such as if you go through divorce.

As a retiree, keep one eye on your estate plan at all times. If you go through a major life change, don't wait to review your estate plan for changes that could benefit you and your family. Divorce at this point in your life is never welcomed, but it may be something you face nonetheless. Don't let this Top of Formcause you problems with respect t o your estate plan.Bottom of Form

No Comments

Leave a comment
Comment Information

We have Been Recognized By Our Peers

Email Us For a Response

What Can We Do To Help?

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

The Springer Law Firm

21815 Oak Park Trails Drive
Katy, TX 77450

Phone: 281-616-7540
Katy Law Office Map

Review us