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Don’t forget to change your estate plan after the divorce

On Behalf of | Sep 2, 2022 | Estate Planning |

Divorce is a major life change, and it can have a significant impact on your estate plan. You need to update your will and other estate planning documents if you are no longer married. 

We will discuss why it is important to review and update your estate plan after a divorce – because it’s not as simple as you might think.

Why it’s wise to review every part of your plan

After a major life event, such as getting married, having a child, or acquiring assets and property, it’s essential to review your estate plan to make sure it still meets your needs. This is because your estate plan is not static; it should change as your life changes.

Divorce is another significant life change that requires a revisit. In Florida, your ex-spouse is automatically removed from your will upon the divorce. However, an estate plan consists of more than just a will:

  • You will also want to review any joint accounts, trusts, powers of attorney, and beneficiaries of retirement funds and insurance policies.
  • If you don’t, your ex-spouse may still have control over your assets and medical decisions.
  • If you have any payable-on-death accounts, make sure those are updated and notify your retirement coordinator to make any changes there.

Divorce can be a complicated and emotionally charged process, but it is important to take some time and update your estate plan. Doing this will ensure that your wishes are carried out after your death and that your children are taken care of if something happens to you.