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Elder Law Office of David Wingate, LLC

Updating Your Estate Plan After a Divorce

 

Going through a divorce is a challenging and emotional process, but it’s also a crucial time to review and update your estate plan. Many of your existing legal documents likely name your former spouse as a beneficiary or decision-maker, and failing to revise them can lead to unintended consequences. Here’s what you need to do to protect your assets and ensure your wishes are followed after a divorce.

1. Update Your Will

Your will likely names your former spouse as a beneficiary or executor. After a divorce, you should:

  • Remove your ex-spouse from any roles they hold in your will.

  • Designate new beneficiaries to inherit your assets.

  • Appoint a new executor if your ex-spouse was previously assigned.

2. Revise Your Trusts

If you have a revocable living trust, review its terms to determine whether your ex-spouse is named as a trustee or beneficiary. You may need to:

  • Remove your ex-spouse and appoint a new trustee.

  • Update how assets will be distributed to children or other beneficiaries.

  • Consider setting up a trust to protect assets for minor children.

3. Update Beneficiary Designations

Many financial assets pass directly to named beneficiaries, overriding the instructions in your will or trust. Be sure to update your:

  • Life insurance policies

  • Retirement accounts (401(k), IRA, pension plans)

  • Payable-on-death (POD) bank accounts

  • Transfer-on-death (TOD) investment accounts

4. Appoint a New Power of Attorney

If your ex-spouse was previously named as your financial or healthcare power of attorney, you should:

  • Revoke the existing documents.

  • Appoint a trusted family member or friend to make financial and medical decisions if you become incapacitated.

5. Reassess Guardianship Designations

If you have minor children, review the guardianship provisions in your estate plan. While a surviving parent typically retains custody, you may want to:

  • Name a guardian in case your ex-spouse is unable to care for the children.

  • Set up a trust to manage your children’s inheritance until they reach adulthood.

6. Protect Your Assets

Divorce settlements often involve the division of assets, but your estate plan should also reflect:

  • Changes in property ownership.

  • Updated financial strategies to preserve wealth.

  • The impact of any spousal support or child support agreements.

7. Review State Laws

Some states have automatic revocation laws that remove an ex-spouse from estate planning documents after a divorce, but it’s still important to formally update your plan to avoid potential legal disputes.

8. Consult an Estate Planning Attorney

Divorce significantly impacts your financial and legal future. An experienced estate planning attorney can help you navigate the complexities of updating your will, trust, and other critical documents to ensure your assets and wishes are protected.

Conclusion

After a divorce, updating your estate plan is essential to securing your future and protecting your loved ones. At Estate and Elder Planning, LLC, we can help you revise your documents to reflect your new circumstances and provide peace of mind. Contact us today to schedule a consultation and safeguard your estate.

 

Posted on: by David Wingate

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