Creating a comprehensive estate plan allows you to prepare for the future and prioritize what matters most to you. However, estate planning is not a one-time thing, regardless of how thorough and extensive you think your plan is.
Your estate plan will only be effective if it addresses your current goals and situation. Hence, it is essential for you to review and update your estate plan regularly, especially if you have experienced significant changes in your life.
A common change that warrants an estate plan update is getting divorced. But where do you start?
Reviewing your estate plan documents
Before you update your estate plan, identify first which documents you have which requires modifications due to your divorce. This includes checking your will, trusts, financial accounts and insurance policies for beneficiaries you may want to remove. If you have designated your spouse as your power of attorney for health care or financial decisions, you may want to appoint someone else.
Other considerations include updates to reflect the divorce settlement, guardianship renomination, securing digital assets and updating emergency contact information.
Facing post-divorce estate plan revisions with guidance
Making changes to your estate plan can have significant implications and just one wrong move can potentially lead to unintended consequences that affect not only the distribution of your assets but also the efficacy of your estate plan.
It is usually a good idea to work with an estate planning attorney who can help you thoroughly review your estate plan and update it while still complying with the law.
