Call for Honest Answers
In response to the COVID-19 virus, Venzon Law Firm, PC is committed to serving all existing and new clients. Our office will remain open and operational throughout this time. Please CLICK HERE for a message from Catharine M Venzon, Esq. with further details regarding  Court Closures and Office Procedures. We appreciate your patience during this time and encourage you to check back here for any additional updates as circumstances remain fluid. Thank you!

It’s Never Too Late

To Live Happily Ever After

Due to precautions related to COVID-19, we have expanded our options for remote consultations. Please contact our office to discuss whether a full phone consultation or video conference is appropriate for your situation.

Update your will and related documents post-divorce

| Jan 31, 2019 | Firm News

You may have breathed a sigh of relief if you were among those who finalized their divorce in 2018 before the new tax laws went into effect.

However, there is still more to do. You must also be sure to revise your will and other estate planning documents to reflect the changes in your life post-divorce. 

Start with your will

Most likely your former spouse was named as executor of your will. With your recent divorce, you should choose someone to replace your ex. You do not want them to be among your beneficiaries when you pass away or have control over the management of your estate.

Revoke your power of attorney

If you named your ex-spouse as your agent in a power of attorney, you should revoke that power. Prepare a new power of attorney that names a trusted relative or friend to manage your finances and assets.

Review your healthcare proxy

Follow suit with your healthcare proxy. Replace the name of your former spouse with the name of a trusted relative or friend who can take charge of healthcare decisions on your behalf should you become incapacitated.

Consider guardianship issues

You and your ex-spouse may have discussed this during the divorce proceedings: Although there is no requirement to name a guardian for underage children, most parents name someone they prefer in the event they pass away at the same time. Courts will not interfere with children naturally going to the surviving parent. However, if your ex has substance abuse, mental health or criminal issues, the court may consider someone else as guardian in the event of your death.

Revise beneficiary designations

Remember, you could die unexpectedly. Be sure the beneficiary designations in your 401(k) and IRA match the terms in your divorce settlement. If not, there could be considerable confusion among your heirs. Everyone could wind up in court to revise the designations in favor of the rightful beneficiaries.

One last thought

At some point in the future, you may consider getting married again. To smooth potential legal rough spots in advance, you and your new spouse should again revise your wills. Taking all these steps after your divorce can help pave the way for your happily ever after.