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Divorce and your estate plan

On Behalf of | Jan 14, 2018 | Estate Planning |

Many different life changes can have an impact on your estate plan, such as the loss of a loved one or significant financial changes. However, divorce is an especially difficult issue for many people to work through, especially with regard to their estate plan. Ending your marriage can affect your life in all sorts of ways, whether you find yourself in a child custody dispute or are unsure of how property will be divided between you and your spouse. To make things more complicated, some people are unsure of which changes they should make to their estate plan, whether they have a trust or will.

First of all, it is essential to do your best to set negative divorce-related emotions aside, as tough as that may be. You should approach your estate plan from an individualized standpoint and make sure that you modify your estate plan in a manner which benefits you and your loved ones the most. If you split up with your former spouse, you may want to remove them from the estate plan. If you have given your ex-spouse power of attorney, you may wish to remove this designation and find someone else who can take on these responsibilities. In some instances, people even remove children as beneficiaries after a divorce.

Making decisions about your estate plan can be tricky after splitting up with your marital partner, but this can protect your estate and offer peace. Our estate planning section has more related to reviewing an estate plan.