Making Necessary Changes
Divorce can be a difficult and emotionally taxing experience. Updating your estate plan after divorce is essential as it will help ensure that your wishes are carried out in the event of death or incapacitation. An updated estate plan will protect you from legal disputes between yourself and your former spouse. This blog will discuss how to update an estate plan after divorce, what documents should be changed, and the importance of having an up-to-date estate plan. By taking these steps now, you can know that your assets are secure even after a marriage has ended.
Removing Your Former Spouse
After removing your former spouse from the estate plan, there are other details to update. If you had named your former spouse an executor or fiduciary, that designation should be changed. You can name a trusted family member or friend to fill this role instead.
If your former spouse was designated to receive property or assets upon your death, it is vital to update these documents with a new beneficiary. This could be done through a trust, which is generally best for complicated situations where you want certain assets distributed in specific ways. Since trusts are more complex than simple beneficiary designations, it’s best to consult with an attorney regarding this option.
It is also important to update any powers of attorney so that they do not list your ex-spouse as the designated agent in case of incapacitation. Lastly, update any insurance policies to reflect the updated estate plan and remove your ex-spouse as a beneficiary if they were previously listed.
The Importance of an Updated Estate Plan
An estate plan is your way of ensuring that your wishes are carried out in the event of death or incapacitation. After a divorce, it is even more important to update this document so that everything is current and reflects your wishes accurately. Having an updated estate plan will also protect you from potential legal disputes between yourself and your former spouse, as all documents will be up to date and per law.
Work With an Attorney
Updating an estate plan after a divorce can seem overwhelming. However, it is important to update these documents so that your wishes are carried out as you would have them. If you need help navigating your divorce or need to make changes to your estate plan, the team at Schweitzer Law Partners can help ensure you have the best plans for your future.
Learn more about our services or schedule a consultation by calling (626) 788-5225 or visiting us online.