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Estate planning after divorce: Why it matters and what you need to do now

On Behalf of | Jul 11, 2024 | Divorce

Divorce is a life-altering event, filled with emotional and logistical hurdles. While untangling finances and dividing assets might be at the forefront of your mind, it’s crucial to consider the future. Estate planning after divorce ensures your wishes are carried out and your loved ones are protected in the event of your passing. Here’s why revisiting your estate plan after divorce is essential and what steps you should take to move forward.

Why estate planning after divorce matters

Your ex-spouse might have been named as a beneficiary in your will, power of attorney, or life insurance policy. A divorce doesn’t automatically revoke these designations. Leaving these outdated beneficiaries in place could lead to unintended consequences and conflict with your current wishes.

Divorce might involve new partners, children from a previous relationship, or even blended families. An updated estate plan ensures your home and other assets are distributed according to your current wishes and takes care of any new dependents you might have.

Taking action: What you need to do now

Dust off your existing will, trust documents, power of attorney, and beneficiary designations for any insurance policies or retirement accounts. Update these documents to reflect your current wishes and remove your ex-spouse as a beneficiary.

If you don’t already have an estate plan, now is the perfect time to create one. An attorney experienced in estate planning can guide you through the process, ensuring your documents are tailored to your specific situation and reflect your post-divorce family structure.

Additional considerations

If you have minor children, estate planning becomes even more critical. Your will should designate a guardian who will care for your children in the event of your passing. You might also consider establishing a trust to manage assets intended for your children’s future education or well-being.

Once you’ve updated your estate plan, communicate your wishes to your loved ones, including beneficiaries, executors, and designated guardians. Having open communication can minimize confusion and potential conflict down the road.

Estate planning after divorce might not be at the top of your to-do list, but it’s a crucial step towards securing your future and protecting your loved ones. By taking action now and consulting with an estate planning attorney, you can ensure your wishes are known and your assets are distributed according to your plan, not by chance.

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