It is very common for a couple to make an estate plan shortly after they get married or have children. Following a divorce, it is a wise idea to redraw your estate plan immediately. This is not something to be put off until a later date and not something to be taken lightly. A few things to know about your estate plan: your estate plan is not final and it can be redrawn.
(1) You may have listed your spouse as your Power of Attorney, Health Care Proxy, and Personal Representative in your will. You may want to change that and we encourage you not to put those changes off. Of course, no one thinks they will need these documents right away, but the reality is that you might. So don’t delay making these important changes.
(2) You may have also listed your spouse as the beneficiary of your retirement accounts. Depending on the financial institution and type of account, you will likely have to change the beneficiary with said financial institution.
(3) Some Separation Agreements or Judgments of Divorce require that specific conditions be included in your estate plan. If you have children, you may need to take different provisions to ensure that your children are taken care of financially and non-financially if something happens to you. These options include a variety of types of trusts and guardianship provisions.
This is list is by no means exhaustive and we encourage you to reach out to the attorneys at Foley & MacAdie, P.C. to discuss developing an estate plan that best meets your specific needs. We also assist in preparing estate plans for people who are not necessarily changing their plan following a divorce.
The information provided by Foley & MacAdie, P.C. is for informational purposes only and does not constitute legal advice.