Your Family Matters

Updating your estate plan after a divorce

On Behalf of | Dec 23, 2022 | Estate Planning

There’s no getting around it: divorce is usually complicated and involves many different steps. The day your divorce is finalized likely brings a sense of relief and desire to finally move on with your life.

As you begin your post-divorce life, there is one more task that you should not overlook, and that is updating your estate plan.

Why this step is so important

It is easy to forget this step, with everything else you have had to think about during your divorce. However, taking the time to update your estate plan can prevent future issues for your family, such as finding out your assets are still going to your ex-spouse because they are still in your will.

You may want to sit down with an estate planning attorney who can review your overall estate plan. This will help you avoid missing something.

Your will and beneficiary designations

Although you may be able to do some of your estate planning updates during your divorce, some things you cannot change until after your divorce is final. Therefore, you could find it easier to wait and do everything at once.

Your will is likely going to be the first thing you think of updating. You can modify your current will to remove your ex-spouse from it or revoke the will altogether and have a new one drafted.

In addition to your will, remove your spouse as the beneficiary from any retirement accounts, life insurance accounts or any other accounts with beneficiary designations.

Power of attorney

Do not forget about your power of attorney. If you have your ex-spouse as the one designated to make medical or financial decisions for you if you are unable to, this is probably something you want to change.

Chances are the last thing you want is another task list after your divorce is final. However, taking these few final steps now can help you avoid serious problems in the future.