It’s done. You got the agreement hammered out, it’s been signed and you are now officially divorced. Your next step is making sure your assets and property are in your name alone. But is there one thing you are forgetting?
New you, new will
Now that you are officially single, there is one document that has become obsolete: Your will. Moreover, your newly single status makes it is especially important to bring it up to date. If you do not make new choices, your old will may leave money and property to people you would not prefer.
Before your divorce, your spouse was more than likely your beneficiary. The two of you had no doubt chosen guardians for your children in the event of your deaths. Assets left to your heirs were probably jointly held.
Time to make new decisions
Now, however, you have assets that are solely yours: Life insurance policies, bank accounts and retirement plans to name a few. You may have a different idea now of whom you would like to name as your children’s guardian. Your desires surrounding your funeral and burial may be different now, too.
Preferences about the distribution of your assets may have altered. Do you want your heirs to inherit on their 18th birthdays, or would you prefer any money be held in trust to a later date? These and other concerns should be addressed with your attorney promptly. With your finances newly your own, it is important to have an updated will that documents your current wishes.