Divorce can be a tough and emotional time for anyone. Amid all the turmoil, it is essential to keep in mind the importance of estate planning. After a divorce, the estate plan needs to be revised to reflect the changes in the individual's life. Here are five tips for estate planning after divorce that will help make the transition smoother.
 

Five Tips for Estate Planning After Divorce
 

1. Update the Will

After a divorce, it is crucial to update your will as soon as possible. A will is a legal document that specifies how an individual's assets will be distributed after their death. 

2. Review and Update Beneficiary Designations

It is essential to review the beneficiary designations on the accounts such as life insurance, retirement accounts, and bank accounts. If your ex-spouse is listed as a beneficiary, it is important to make alternate designations to prevent an ex-spouse from claiming those assets. 

3. Update Guardianship Provisions

After a divorce, it is crucial to update the guardianship arrangements for minor children. If both parents pass away, guardianship of the children will be granted to a third party. It is important to ensure that the right person is appointed as the guardian of your children.

4. Trusts

Consider setting up a trust to protect your assets and ensure that they are distributed according to your wishes. A trust may also provide tax benefits and protect assets from creditors. 

5. Powers of Attorney

After a divorce, it is essential to update your powers of attorney, both for healthcare decisions and financial matters. A power of attorney is a legal document that grants someone else the authority to make decisions on behalf of the individual. It is important to ensure that the right person is granted the power of attorney.

If you are going through a divorce and need legal advice, put your trust in Guillien Van Nuland, LLC. They are a reputable law firm located in La Crosse, WI. Their divorce lawyers offer quality family law solutions and can provide you with the legal guidance you need during this difficult time. Plus, they represent clients in La Crosse, Monroe, Vernon, Trempealeau, Crawford, and Buffalo Counties in Wisconsin and Houston, Fillmore, and Winona Counties in Minnesota. Contact them at (608) 782-4411 to book an appointment or visit their website for more information.