Divorce is a painful process. There is no getting around that. Even in the best-case situation, when both partners are completely in accord and everything is as pleasant as possible, a million things will change in your life, seemingly all at once. That is difficult.
Your Estate Plan is one of the most significant adjustments you will have to deal with during or immediately after your divorce. Your life’s requirements, objectives, and ambitions will almost certainly change, and your plans must reflect this. If you are dealing with a divorce, contact an experienced estate planning attorney and schedule your consultation to get the help you deserve.
How to update your estate plan after a divorce?
Following a divorce, you should evaluate and maybe amend many important documents in your Estate Plan. Walk over this list to ensure that your strategy is current and correct, notwithstanding recent changes in your personal life.
Revoke your existing will.
If you do not already have one with your spouse, now is a good moment to make one. However, if you started your Estate Planning with your former partner, you will need to revise your Will if your marriage ends. For example, if you named your spouse or wife as Executor of your Will, you certainly wish to amend this.
Similarly, you may reconsider who you appointed as your children’s guardians. If your divorce was cordial and you are still making co-parenting decisions with your former partner, you may be able to leave things alone.
At the absolute least, you should go through what was documented and make any modifications you believe are required. Keep in mind that certain jurisdictions have regulations governing what happens to specific aspects of an Estate Plan following a divorce, but you should not presume or depend on this.
Update your healthcare proxy.
As with your Will, you most likely designated your husband or wife as your Healthcare Proxy, which means he or she could make healthcare-related decisions on your behalf. It is legal to leave this, but your post-divorce relationship must bear the consequences.
Name new Power of Attorney and beneficiaries.
You already know that your specified beneficiaries will get assets or money through your Will or Trust, but do not forget to update other Estate Plan accounts or parts. It should be noted that different states may have different regulations and laws about dealing with beneficiaries after a divorce, and your divorce agreement may also include specific details. This is why it is important to consult a knowledgeable attorney so that they can ensure that you do not make any mistakes.
