When you create an estate plan, it is important that you do not file it away and forget it. If your life undergoes a significant change, it is important to update your estate plan to reflect those changes. Some of the common life changes that warrant updating your estate plan are marriage, death, birth and divorce. Many people don’t think about updating their estate planning documents during the divorce process, which can lead to unintended consequences.
When you file for divorce, you should contact us to update your will, trust, power of attorney or healthcare directive. Below are a few factors to consider:
- Inheritance planning. Your estate planning documents probably direct that all of your property and assets should be distributed to your former spouse upon your death. While the divorce is pending and after your divorce is finalized, you will likely want to name other beneficiaries in your will or trust.
- Incapacity planning. If you named your ex-spouse as your healthcare proxy or as the power of attorney over your finances, you should consider whether you should appoint somebody else to look after you or your money if you should become incapacitated.
- Account beneficiaries. If you have accounts, policies, or other types of assets that allow you to designate beneficiaries, you should consider updating them during and after your divorce. This includes life insurance, pay-on-death bank accounts, IRA’s and retirement accounts.
If you are facing divorce or you have been divorced for a while and you need to update your estate plan, we are ready to help you.
The Astill Law Office has provided high quality legal services for over 30 years. We specialize in wills, trusts, estate planning, and asset protection. If you have any questions about creating a Trust, Will, or estate planning in general, contact The Astill Law Office at 801-438-8698.