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Updates to make to your estate plan after a divorce

On Behalf of | Jun 8, 2022 | Estate Planning |

Making an estate plan is a responsible thing to do as an adult, especially if you have children. With an estate plan, you can ensure that your spouse and kids receive your assets when you pass away.

However, things in life change. When they do, your estate plan needs to reflect this. One of the biggest changes that will require an update to your estate plan is a divorce. After a divorce, some of the aspects of your estate plan that need to be updated can be found here.

Review the beneficiary designations you have made

If you haven’t updated your retirement beneficiary, life insurance, or will since you divorced, there’s a good chance your spouse is still the one named on all these forms. Now is a good time to change this. After a divorce, many people change their beneficiaries to their children, siblings or someone else they have a close relationship with. If you remarry, you should change the documents again to reflect this.

Review your medical power of attorney

The person that you choose as your medical power of attorney is the one who is designated to make medical decisions on your behalf if you are incapacitated. There’s a good chance this person was your ex-spouse. You need to decide if you will keep them on this document or if you will choose someone else.

Updating your estate plan to reflect your divorce

After a divorce, you likely have a lot of things to focus on, including transitioning into a new, single life. While this can take up a lot of time and energy, make sure you don’t forget to make updates to your estate plan, so it reflects your current situation.