Essential Updates to Your Estate Plan After Divorce 

Why Updating Your Estate Plan After Divorce is Crucial

Divorce marks a significant life change, and for many, it also requires a fresh look at their estate plan. Updating your estate plan after divorce ensures that your assets are protected, and your wishes are honored. By revisiting documents like your will, power of attorney, and beneficiary designations, you can ensure your estate plan reflects your current situation and goals. Here’s a guide to the key areas you should consider when updating your estate plan after a divorce.

1. Update Your Will and Beneficiary Designations
One of the first steps in updating your estate plan after divorce is revising your will and removing your ex-spouse as a beneficiary, if that aligns with your wishes. Additionally, review beneficiary designations on life insurance policies, retirement accounts, and other investments. Beneficiary designations often override what’s written in your will, so updating these accounts is crucial. 

2. Consider Guardianship Provisions if You Have Minor Children
If you have children, your estate plan likely includes guardianship provisions. While the other parent generally retains custody after a divorce, it’s important to name a successor guardian if both parents are unavailable. This ensures your children will be cared for by someone you trust and prevents potential custody conflicts. Updating guardianship provisions in your estate planning documents is a key step in securing your children’s future. 

3. Review and Update Any Trusts
If you and your ex-spouse established any joint trusts, you may need to dissolve or restructure them after a divorce. For example, if you have a living trust or revocable trust, you may want to make adjustments to ensure that your assets are distributed according to your current wishes. Additionally, if you are responsible for managing assets on behalf of your children, consider setting up a new trust with a trustee who will act in their best interest. 

4. Protect Your Digital and Physical Assets
Divorce often involves separating both physical and digital assets. Make sure to update your estate plan to reflect new ownership arrangements for items such as real estate, bank accounts, and digital accounts. Consider securing your digital assets, like online banking or investment accounts, by updating passwords and access information. 

5. Update Your Retirement Plan Beneficiaries
Retirement accounts like IRAs and 401(k)s require you to name beneficiaries. If your ex-spouse was previously listed, update these designations as part of your post-divorce estate planning. Retirement accounts can be a significant portion of your wealth, and keeping your beneficiaries current is essential to ensure they are distributed according to your wishes. 

Secure Your Future with an Updated Estate Plan

Divorce reshapes your life, and your estate plan should reflect these changes. By updating documents like your will, powers of attorney, and trusts, you can protect your assets and ensure your intentions are honored. Our experienced estate planning attorneys understand the intricacies of post-divorce planning and are here to help you create a plan that fits your new chapter.

Reach out to us today to schedule a consultation and take the next steps in securing your future.