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Once your divorce is over, you may feel as though you’ve run the gauntlet when it comes to legal documents. After going through stacks of paperwork, you are probably hoping not to have to see piles of documents for awhile. If you want to prepare for the future though, there are a few more legal arrangements you should make in consultation with your attorney.
Prepare a Will
If you had a will while you were married it likely left most of your estate to your spouse. Now that your marriage is over, it’s time to create a new will. You’ll need to consider who you want as your beneficiaries. If you have children, you will want to consider appointing a guardian for them should something happen to both you and your ex.
Create a Trust
A trust is an excellent way to protect assets and provide a certain financial future for your children. Assets can be placed in a trust where they will be carefully managed for your child or whomever you choose.
Advance Health Care Directive
If you currently have an advance directive for health care, you may have listed your ex as your health care proxy, the person who can make decisions for you if you are unable to do so. Now that you’re a single person, you’ll want to choose someone else to make those important decisions for you if they are ever needed.
Life Insurance
Many single parents choose to take out life insurance policies with their children as beneficiaries, to ensure that there is a nest egg to pay for college or other expenses should something unexpected happen.
College Savings
If you haven’t started a college savings account for your child, this is an excellent time to begin setting funds aside to pay for that big expense.
DeTorres & DeGeorge represents clients in divorce, custody, child support, alimony, and property division cases in Glen Gardner and High Bridge, New Jersey and surrounding areas. Call us now at 908-284-6005.
