When you get a divorce (or legally separate from your spouse), it impacts every part of your life. Divorce constitutes a major life event, which means that you should review and revise your estate plan. Below are a few of the areas of your estate plan that you should consider updating after your divorce has been filed:
- Beneficiaries. Most married couples have an estate plan that provides that all of their assets should transfer directly to their spouse upon their death. Presumably, you will want to remove your ex-spouse and name a new beneficiary of your estate.
- Incapacitation. If your ex-spoue is named as your healthcare agent or financial power of attorney, you should name an adult child, parent, or trusted friend to handle your affairs if you become unable to act for yourself.
- Account beneficiaries. Updating your estate plan will not change the beneficiary designations you have made on certain accounts and policies. For example, if you have life insurance policies that have your ex-spouse listed as your pay-on-death beneficiary, it is important to contact the life insurance company and update your beneficiary designations. The same is true for accounts such as your retirement accounts or bank accounts.
We understand that going through a divorce is an extremely difficult time in your life. However, to avoid unintended transfers of your assets or having important decisions made on your behalf by your ex-spouse, it is essential to update your estate planning documents as quickly as possible.
If you are facing divorce or another major life event, let us help. We can help you understand the areas of your estate plan that should be reviewed and updated.
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.