After a divorce, you may think everything is settled and you can move forward with your life. However, there is one area that you should focus on right away. That is your estate planning. As an Iowa resident who has just gotten a divorce, you will need to take a few steps to update your estate plan and ensure everything reflects your current situation. Death is very unpredictable, so you cannot take any chances.
If your current estate plan includes your ex-spouse, you need to remedy that right away. The American Bar Association notes that your former spouse could end up inheriting and controlling your assets if you die before you change your will or other estate documents. While you will not be here to deal with the probate issues, it could make things difficult for your family.
You should begin working on changing your estate plan right away, even during your divorce. Make sure it is done properly and legally so it will stand up in court. Remove your ex-spouse and choose a new executor. Make sure you designate to whom each asset should go. Also, revise any power of attorney, living wills or other documents you may have handing your care over to another person.
Don’t forget about insurance and retirement plans. Make sure to change the beneficiary on those, too, if it was your ex-spouse. Consider creating a trust for your children that only they can access once they reach the age your specify. This information is only intended to educate and should not be interpreted as legal advice.