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Update your estate plan when you get a divorce

On Behalf of | Apr 28, 2020 | divorce and family law |

If you created an estate plan years or decades in advance, that’s an excellent first step to take. Far too many people put this off and never get around to it. However, since you made your plan well in advance, that does mean you need to update it from time to time so that it really reflects where your life is now. For instance, if you get divorced, you need to update the plan.

Start with the legal powers that you may have given your spouse and the documents that refer to them. Maybe you named them as a beneficiary on your life insurance policy. Maybe they are named in your powers of attorney. With that relationship ending, you want to cut them out of the will in ways that would impact you or your family.

At the same time, your assets could change significantly. You must divide those assets with your ex. He or she will then create an estate plan for their portion, and you need to revise yours to address what you have left.

One thing to note is that you may have to wait until you complete your divorce to make some of these changes. You can’t make them in advance. When this is the case, you should just list them out so that you know exactly what to do the minute your divorce case ends.

Life can get complicated, as things like divorce and estate planning make all too clear. Make sure you know what steps you should take as you approach either one of these issues — or both at once.