Divorce and Estate Planning: What You Need to Know
There’s no question that navigating a divorce can be emotionally and logistically overwhelming. While you’re managing the legal and personal complexities, it’s easy to overlook a critical task: updating your estate plan. As your life circumstances change, so should the documents that protect your future and your loved ones.
Here’s a quick guide to the key estate planning steps to take post-divorce:
✓ Revise Your Will and Trust
Your will and trust likely name your ex-spouse as a primary beneficiary or decision-maker. Take time to review and update these documents to reflect your current intentions. If you have minor children, revisit any guardianship designations to ensure they still align with your wishes.
✓ Update Your Beneficiary Designations
Assets such as life insurance policies, retirement accounts, and bank accounts often pass outside of a will — meaning the named beneficiary gets them regardless of what your will says. Be sure to review and revise these designations to avoid unintended outcomes.
✓ Reconsider Powers of Attorney
If your ex-spouse is listed as your agent for healthcare or financial decisions, you may want to revoke those powers and appoint someone new. This is a crucial step to ensure someone you trust is legally authorized to act on your behalf if needed.
If you’ve recently gone through a divorce, updating your estate plan is not just smart — it’s essential. At Wade Law Offices, we’re here to help you navigate the process with clarity and care. Contact us today to schedule a consultation and ensure your estate plan reflects your current wishes.