Life has a way of taking unexpected turns, and for some, this includes becoming newly single due to divorce or the loss of a spouse. In this time of transition, it's crucial to revisit and adjust your estate plan to reflect your current circumstances and secure your future. This blog post will guide you through the essential steps of estate planning for the newly single.

1. Update Beneficiary Designations: Review and update the beneficiary designations on all your accounts including bank accounts, brokerage accounts, retirement accounts, life insurance policies, and any other assets with named beneficiaries. Ensure that your ex-spouse is removed, and your new beneficiaries are accurately listed (unless otherwise directed by your divorce decree).

2. Wills and Trusts: Review your will and trust documents to make necessary amendments. Update your documents to specify how you want your assets distributed in the event of your passing. If you have children, ensure that your will designates a guardian for them in the event of your untimely passing. Discuss this with the chosen guardian to confirm their willingness and suitability for the role.

3. Healthcare Directives: Reevaluate your healthcare directives, including your living will and healthcare power of attorney. Designate someone you trust to make medical decisions for you if you become unable to do so. Be sure that this individual is aware of your wishes regarding medical care.

4. Long-Term Care Planning: Consider your long-term care needs as you age. Create a plan that outlines your preferences for care and how it will be financed. This includes considerations for insurance and potential Medicaid planning. Speak with your financial planner for any advice needed.

5. Continue to Review and Update: Estate planning is not a one-time task. As your life changes and state and federal laws change, continue to review and adjust your estate plan as needed. Meet with the necessary professionals such as a financial planner, tax professional, and estate attorney to make sure all areas are adjusted properly. Make sure all accounts, online login information and documents are kept somewhere safe.

Estate planning for the newly single is an empowering step toward securing your financial future and ensuring that your wishes are carried out, both during your lifetime and after your passing. By taking these proactive measures, you gain peace of mind and the confidence that your estate plan aligns with your current circumstances and goals. Whether through divorce or the loss of a spouse, remember that your future is still full of potential, and careful estate planning can help you embrace it with confidence.

Contact us to schedule your free consultation.