Divorce can significantly change your family and financial circumstances, but it doesn’t necessarily update your estate plan.
Many divorced parents assume their divorce decree automatically removes a former spouse from their will, financial accounts, or other estate-planning documents. That may not be the case. Life insurance policies, retirement accounts, investment accounts, and other assets may have separate beneficiary designations that need to be reviewed individually.
Divorced parents should also consider what happens to their children and assets if both parents are no longer available. A comprehensive estate plan can address guardianship preferences, trusts for minor children, powers of attorney, health care documents, and other important decisions.
If you’ve been through a divorce, remarried, welcomed additional children, or experienced significant changes in your finances, it may be time to review your estate plan.
Read the full article to learn what divorced parents should consider when updating their estate plans.
Our estate planning attorneys can help you review your current documents and determine whether they still reflect your family's needs and your wishes.
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