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Estate planning after a divorce

On Behalf of | Dec 27, 2021 | Estate Planning

Divorce changes many aspects of life. One thing that you might not think about right away is having to rewrite your estate plan. While you might be tempted to do this before the divorce is finalized, there are several things that you can’t update until after the divorce is done. 

Property division is part of the divorce process. You must ensure that your estate plan only includes assets that you own. Nothing that went to your ex should be included in your estate plan. This is the area of your estate plan that you can’t update until the divorce is final because you won’t know exactly what you’re walking away with until then. 

What else needs to be changed after a divorce?

You need to review the beneficiaries and heirs named in your estate plan. If you had your ex or their family members named, you may want to change those. Any friends who you’ve grown apart from might also need to be removed. 

Look at the people who have a medical and financial power of attorney for you, as well as the person you have named to administer your estate plan. Be sure that your new estate plan has the people you trust named for those duties so you can ensure that your wishes will be followed.

Your estate plan is something that you should review when you have any major changes in your life, including a divorce. Making sure that you have everything set up in the proper way is imperative so your loved ones will know exactly what your wishes are. It’s also a necessary investment in your future.