If you had an estate plan before your divorce, you need to double-check it following your divorce and if you plan to remarry. Most people plan to leave some of their assets to their children. If you have children from a previous marriage and want them to continue to benefit from your assets if something happens to you, you must take the appropriate steps as soon as possible.
Updating your estate plan will ensure you do not accidentally disinherit your kids.
Update your beneficiaries
First, check your retirement accounts, insurance policies and other accounts you have beneficiaries on. Ensure you update all beneficiaries so your children will receive the money if something happens to you. Many people have their spouses listed as beneficiaries on their accounts, but after the divorce, you should remove your former spouse and include your children instead.
If you have a 401(k), the rules state that your spouse must be the beneficiary. To add your children instead of your spouse, he or she must legally agree not to be the beneficiary.
Create a trust for your kids
One of the most effective ways to ensure that your kids receive your assets is to put them in a trust. If you have young children, the trust will limit them until they reach a certain age. Even then, you can control how much your children receive at any given time. When you use a trust, you have more control over who gets the assets.
Be specific about what items or assets you want to pass on to your children so no one can question your intent.
