The Changes That Come with the End of a Marriage
When a couple gets divorced, their estate plan needs to be updated. This is because the original plan was likely based on the assumption that the couple would always be together. Now that divorce is on the horizon, it's important to make sure your estate plan reflects your new circumstances. If you don't update your estate plan after divorce, you could end up with a lot of problems down the road. In this blog, read about the impact of divorce on an estate plan and how to make changes to reflect your new situation.
Changes to an Estate Plan After a Divorce
Understandably, divorce can have a significant impact on all aspects of life, including your estate plan. If you have gone through the process of creating an estate plan, it is important to review and update your documents after your divorce is finalized. Here are some key changes to keep in mind:
If you named your former spouse as a beneficiary on any accounts (life insurance policy, retirement accounts, etc.), be sure to update the beneficiaries to reflect your current wishes.
If you named your former spouse as the guardian for any minor children, you may wish to appoint someone new in their place.
Power of Attorney
If you named your former spouse as an agent under a durable power of attorney, you will need to appoint someone new.
Wills and Trusts
If your former spouse is named as executor or trustee of your estate, you will need to name someone new in their place. You may also need to make changes to the distribution of assets in your will or trust.
Ask for Help from an Estate Planning Attorney
If you have any questions about updating your estate plan after a divorce, contact an experienced estate planning attorney and ask for their guidance. They can give you the help you need to make the most informed choice for your future.