After a divorce, you can expect your needs and priorities to shift and, as a result, you will need to revise your estate plan. If you do not have an estate plan already, now would be a good time to start thinking about creating one, so you can ensure your assets and property are distributed to the appropriate beneficiaries rather than your former spouse.
How to Revise Your Estate Plan
It is not uncommon for spouses to appoint one another as the executor of their will. Once the marriage is over, you will likely wish to change this. If you have children, such matters may remain the same, especially if you are still making co-parenting decisions with your ex. Even in amicable circumstances, however, you should consider choosing a guardian for any minor children in the event you and your co-parent pass away.
To ensure your estate plan reflects your current goals, you should begin by revoking your old will and creating a new one. You can revoke your old will by simply tearing it to pieces. Although many states revoke the appointment of an ex-spouse from serving as the executor of a will or trust, it is best not to rely on state law.
Additionally, many valuable assets pass outside of a will or trust, so you should make sure the beneficiaries listed on the following are up-to-date:
- Pay-on-death bank accounts
- Life insurance policies
- Transfer-on-death brokerage accounts
- Retirement accounts
If you also have powers of attorney that allow your former spouse to make decisions on your behalf, you will need to revoke these as well and create new ones. You do not want to end up in a situation where your ex is making financial or healthcare decisions for you.
Contact Our Legal Team Today to Get Started on Revising Your Estate Plan!
If you recently finalized your divorce, or you are still in the process of getting divorced, you need to take some time to revise your estate plan to ensure it meets your current needs. At Drexler Law, our estate planning team can assist you with this process. With more than 100 years of combined legal experience on our side, you can rely on us to provide the exceptional guidance you deserve.
Reach out to our law firm today at (719) 259-0050 to set up a case evaluation with a member of our team to get started on revising your estate plan.