Your divorce has just been finalized, and your attorney suggested that you talk to an attorney to take care of your estate plan. While you don’t necessarily have to change it, the reality is that your estate plan could probably use an update after a divorce.
When you divorce, you may lose certain assets or gain some assets. You might want to set up guardianship documents for your children in the case that you die or are badly hurt, especially if the other parent lost custody or doesn’t play a significant role in their lives.
Of course, one of the most important reasons to take a look at your estate plan is because your ex-spouse may still be your beneficiary. They may not only be listed as a beneficiary on your estate plan but also on life insurance documents and bank accounts. Now is the time to look over all these documents and decide if you want them to remain a beneficiary or if you’d like to remove them in exchange for someone else, like your child or a relative.
Any time you go through a major life event, it’s a good idea to look over your financial documents, estate plans and will. You want to make sure that the plans that are in place reflect where you are today, not where you were five, 10 or 20 years ago. Life changes, and your documents will need to be updated from time to time.
If you need assistance with updating your beneficiaries in your estate plan, adding guardianship documents or other necessities, there is help available. Our website has more on what you can do to keep your plans up to date after divorce.