Should you revise your Estate Plan after a Divorce? Yes!

If you have logged onto Facebook or any other social media site in the past few weeks, I am sure you have seen the new trend of posting a “selfie” with you new ex-spouse. Once the ink is dried on the divorce papers, there are many different reactions that individuals and ex-spouses have. Whether your emotion is happy, angry, sad, or anything in between, one thing that should be on your mind is your Estate Planning. Just because your divorce is finalized does not mean you are done.

Do you have children? Do you have other family? What assets do you have? Is your ex-spouse’s name listed on anything? Is everything squared away should you pass or become incapacitated tomorrow?

If you already have a Will and it was done while you were married, you should consider revoking your Will and revising it taking into consideration your divorce. Your Will is designed as a mechanism to leave your property to the people you choose, to name an executor to be in charge of your estate, and to nominate a guardian to take care of any young children. You want to be sure that your Will is detailed and accounts for the divorce. If your ex-spouse was your Executor, that decision may now change. Better to have this completed now.

Another thing to take into consideration is any beneficiary designation. Many times after a divorce this is not something that people think about. Check your life insurance policies, retirement accounts, pay-on-death bank accounts, and any other accounts to ensure that any updated individuals are listed as your beneficiary.

Last but not least, update or create your Power of Attorneys. Do you have a plan for your healthcare and/or financial accounts should you ever reach a point that you cannot control these decisions on your own? Creating a Healthcare Power of Attorney and Durable Power of Attorney are a must for every estate plan. Meet with an attorney to discuss how you want your health care handled, so you do not have to leave these trying decisions in the hands of a loved one. Make your wishes known now.

Our attorneys can help you revise your estate plan after a divorce or start fresh to ensure your future is taken care of now.