The post-divorce paperwork people forget

After a divorce, updating your financial plan is only one part of the process. Many people focus on dividing assets and rebuilding their financial position, but it’s equally important to review your estate planning documents and superannuation arrangements. Your will, binding death benefit nomination, executor appointments, and powers of attorney all determine what happens to your assets and who can make decisions on your behalf if you’re unable to. A divorce may mean your previous arrangements no longer reflect your wishes. This could include updating who receives your superannuation, who controls your estate, or who has authority to make important financial and medical decisions for you. If you have children under 18, it’s also important to consider who would manage assets on their behalf and whether structures such as a testamentary trust may provide greater control and protection. Estate planning is about ensuring your wishes are carried out and the right people are responsible for managing your affairs when it matters most. Working with your financial adviser and solicitor can help ensure your documents are up to date and aligned with your new circumstances. Always seek personalised financial and legal advice based on your individual circumstances. General advice only. Amy Lehmann is an Authorised Representative (No. 1292710) of Consortium Private Wealth Pty Ltd (AFS Licence 495401).

Disclaimer || The information provided in this post is general in nature only and does not constitute personal financial advice. Amy Lehmann is an Authorised Representative(No. 1292710) of AFSL 495401.