Posts Tagged ‘What legal documents to update after divorce’

After Divorce, What Legal Documents of Mine Should I Update and Why?

Thursday, July 28th, 2016

When the divorce proceedings are finished, it is important to update and change documents that are not included in the divorce judgment. If one fails to do something such as updating who their beneficiary is to your IRA, which most times is the spouse, then the said spouse could inherit their IRA.

Because of this, here are some of the important documents you will want to update upon the finalization of the divorce.

Retirement Plans (401K, IRA, pension plan, and the like) – Although this money is set aside for the account holders retirement, in the event of death, the beneficiary, so often the spouse, would receive the funds in the account.

Life Insurance Policy – A life insurance policy sets aside funds that will help provide for the family after the holder’s death, as well as funeral costs.

Will and Trust – It declares the name of the person who will receive your property and assets upon death, as well as selecting a guardian if there are minors in the family. In addition, the selection of who will manage your estates, nullify previous wills, and new parties to the documents all need to be updated to fit your new marital status.

W-4 – This is a work-related document that helps your employer file their federal income tax, and going from married to not married, requires a change in your personal taxing by the federal government.

Medical Power of Attorney – This is a very important document that must be updated. This is a designation of a person who will be trusted with making healthcare decisions on your behalf if the times comes when you are no longer able to do so.