Updating Your Estate After Divorce
Divorce can significantly impact your estate plan. It’s crucial to review and update these documents after a divorce to ensure they reflect your current wishes and protect your assets.
What Needs Updating?
- Will: A divorced spouse will likely no longer be the beneficiary of your will. You need to update your will to name new beneficiaries for your assets.
- Trusts: Similar to wills, trusts may need revision. Remove your ex-spouse as a trustee or beneficiary and designate someone you trust instead.
- Retirement Accounts & Life Insurance: Double-check beneficiaries on retirement accounts, life insurance policies, and other financial accounts. Ensure they accurately reflect your current wishes and are not inadvertently benefiting your ex-spouse.
Beyond Legal Documents:
Don’t forget about healthcare directives:
- Durable Power of Attorney for Healthcare: If you previously named your ex as your healthcare proxy, designate someone else you trust to make medical decisions on your behalf if you become incapacitated.
- Living Will: Review and update your living will to reflect your current healthcare preferences.
Why It’s Important:
Failing to update these documents can have unintended consequences:
- Assets could be distributed to your ex-spouse against your wishes, potentially jeopardizing your loved ones’ financial security.
- Your medical decisions may not align with your current desires, leading to potentially harmful outcomes.
Seek Legal Advice:
Consulting an experienced estate planning attorney is highly recommended. They can guide you through the necessary steps to ensure your estate plan accurately reflects your wishes and protects your assets after a divorce.
To Get Started With Updating Your Estate Plan After Divorce, Visit NationalProbateServices.com