Should you update your estate plan if you are getting divorced?
Yes, it is advisable to update your estate plan if you are getting divorced. Divorce can significantly impact your estate planning documents, and updating them ensures that your current wishes are accurately reflected. Here are some key considerations:
Wills and Trusts: Review and possibly revise your will and any trusts to change beneficiaries if your former spouse is named. You may also want to appoint a new executor or trustee.
Powers of Attorney: Update your financial and healthcare powers of attorney to appoint someone other than your former spouse to make decisions on your behalf if necessary.
Beneficiary Designations: Change the beneficiaries on life insurance policies, retirement accounts, and other financial accounts to remove your former spouse if that aligns with your wishes.
Guardianship: If you have minor children, consider updating any guardianship designations in your estate plan to reflect your current preferences.
Property Division: Ensure that any property division agreed upon in the divorce is accurately reflected in your estate plan.
Updating your estate plan after a divorce helps prevent unintended consequences and ensures that your assets are distributed according to your current intentions. Please consult a qualified attorney before making any adjustments or changes to your estate plan because there may be certain limitations based on your certain situation.