Staten Island Asset Protection Attorney explores life events that require close attention to estate planning

Divorce can be a difficult and overwhelming process where a number of critical decisions must be made that can not only have a long term impact on you, but also your children. Typically, people do not want their ex-spouse to receive any portion of their estate. In order to make sure that your assets will go to those who they are intended for, it is extremely important to review your estate plan after going through a divorce as many changes will likely be desired.
During your first marriage, your spouse was probably named as your beneficiary; this must be changed in your estate so things such as life insurance policies, retirement plans, and bank accounts are paid directly to the correct beneficiaries. Another problem can arise if you keep your ex named as your power of attorney which allows them to manage financial accounts, buy/sell real estate, and make life or death health decisions. Most married couples name each other when they first were married so editing your estate plan is extremely important.
Mistakes and oversight in your estate plan can be detrimental. If you have recently been divorced, your estate plan should be reviewed thoroughly to ensure the appropriate modifications are made to reflect your new wishes. The Staten Island Estate Planning Attorneys at Danna & Associates, PC understand what to look for. Call our Staten Island Law Office to schedule a consultation with an Estate Planning Attorney who can give you the critical guidance to protect you and your loved ones.