When you get married, you likely draft an estate plan that takes your spouse into account. However, what will happen if you and your spouse later decide to file for a divorce? If your estate plan has not been updated since getting divorced, there are a few things you should know. In this blog post, BTR Law will discuss the implications of divorce on estate planning and provide some tips on how to update your estate plan accordingly.
Update Plans As Soon as Possible
If you are currently going through a divorce, it is important to update your estate plan as soon as possible. This includes updating your will, power of attorney, and healthcare directive. If you die without having updated these documents, your ex-spouse could still inherit your estate. Additionally, if you have named your ex-spouse as a beneficiary on any life insurance policies or retirement accounts, you will need to update these documents as well.
Review Your Trusts
It is also important to review any trusts that you have established. If you have created a trust for your spouse or children, you will need to make changes to the trustee and beneficiaries. You may also want to consider changing the terms of the trust itself. For example, you may want to include a provision that states the trust will be terminated if you get divorced.
Attorneys Can Assist You
If you are unsure or have questions about updating an estate plan after a divorce, it is best to contact an experienced estate planning attorney. An attorney can help you understand the implications of divorce on your estate plan and make sure that your documents are updated correctly. With the assistance of an attorney, you can rest assured that your estate plan is up-to-date and reflects your current wishes. Why is this so important? It ensures that your plans are properly executed during probate.