Updating Your Estate Plan After a Divorce

 Posted on December 13,2022 in Estate Planning and Probate

There are many reasons and situations that require an update to your estate plan. Divorce just so happens to be one of the more common and potentially catastrophic situations. Unfortunately, the hectic nature of divorce makes it also easy to overlook or forget updating an estate plan. There are many loose ends to tie up once the divorce process is complete, and with so much to manage, estate planning can easily slip through the cracks. Unfortunately, if something does happen to you before you have made changes to your estate plan, assets may not go to the people and places you had hoped. Do not let this happen to you. Learn what and when you should update in your estate plan after your divorce.

Changing Your Beneficiaries

If you have a 401K, IRA, or other retirement plan, the beneficiary listed on your policy should be checked upon completion of the divorce. Of course, you may have to split some of your savings in your divorce, but the remaining amount should still belong to you. If you do not want the remainder to go to your spouse upon your passing, and they are listed as the current beneficiary, it is important that you change this in your policy. Alternatively, if you wish your ex-spouse to be listed as a trustee for your children, ensure the policy and your other estate planning documents reflect this wish.

Updating Your Powers of Attorney

If you are like most people, you probably had your spouse listed as your power of attorney (the person that acts and makes decisions for you in the event of incapacitation). Now, it is possible to keep your ex-spouse as your power of attorney, but few divorces end quite that amicably. Instead, you might want to consider naming a close friend, a sibling, a parent, or an adult child. Make sure they are someone you can trust to carry out your wishes.

Updating Your Will and Trusts

If you have a will or trust set up, you may need to make some changes to it after the divorce. Sometimes, that means removing your ex-spouse’s name from items you do not wish them to have. Other times, it means assigning assets that would have automatically gone to your ex-spouse, had you passed away while still married. Whatever your situation, an attorney can help.

Contact Our Bexar County Wills and Trusts Attorney

Geoff Mayfield, Attorney at Law understands that lives and families change. We are dedicated to respecting your wishes and protecting your assets, and we can assist you with an update to your estate plan after divorce. Learn more by scheduling a free consultation with an experienced San Antonio wills and trusts attorney. Call 210-535-0870 to make an appointment today.

Source:

https://www.wsj.com/articles/after-divorce-separate-your-estate-plans-too-1424450517