Five Key Changes to Make to Your Estate Plan After Divorce

The immediate aftermath of a divorce can be a trying time. There are many things you need to take care of and the tasks can be daunting and overwhelming. While updating your estate plan may not be at the top of your list, picture this ― your loved ones involved in a lengthy court battle with your ex-spouse if you should die suddenly because your ex-spouse was still listed as your beneficiary.

The main reason your estate plan should be updated after your divorce is because you won’t want your ex-spouse inheriting your assets.  Here’s a look at the five top changes to your estate planning documents that should be made:

Update will or trust beneficiaries

You will probably want to leave all of your assets to your children if you have children and, if not, to other family members or friends.  However, you need to revise your will or trust to make that happen.  If you don’t, your ex-spouse will still be listed as the beneficiary, and although your ex-spouse probably won’t prevail in the end, your estate could be tied up after you die.

Update the executor or trustee

Under your old will or trust, your ex-spouse is probably the executor or successor trustee. Post divorce, you should name a new executor or successor trustee to supervise the administration of your estate.

Update guardians

By law (absent abuse or some other reason) your ex-spouse will now become legal guardian of your minor children if you die. It’s a good idea to name another trusted person to serve as back-up guardian in case something happens to both parents.

Update your medical directives

It’s important to update your living will and advance medical directives so that your ex-spouse won’t be the decision- maker about your health care if you are disabled.

Update life insurance and retirement beneficiaries

Don’t forget to change the beneficiary designations on your life insurance and retirement accounts to remove your ex-spouse, because those assets transfer outside of your will or trust.

Contact an experienced Franklin wills and trusts lawyer today to update your estate plan after your divorce. You’ll be glad you did.