Divorce causes many things to change in people’s lives. How people spend their time and money, who they hang out with and how often they see their kids. People often overlook their estate plans, however.
People often set up or amend their estate plans during their marriage. This often means including their spouse in their estate plans. However, after a divorce, people frequently need to make changes to their estate plans.
Here’s what you should consider changing:
Make a new will
The first thing you may consider changing is your will to remove any mention of your ex-spouse. Your will generally covers everything that happens to your estate and, in some cases, what happens to you. You could rewrite your entire will or you might update your will by codicil.
Name new beneficiaries
Typically, people have some or all of their assets to be inherited by their spouse. By doing so, people can help support their spouse even after death. However, you may consider removing your ex from your will, especially if you plan on being in a new relationship.
Designate a new power of attorney
Your power of attorney makes decisions on your behalf, in your best interest, if you’re incapacitated. Many people designate their spouses as their power of attorney. Depending on how your divorce ended, you may feel your ex doesn’t have your best interest in mind and consider designating a new power of attorney.
Plan out a trust
Sometimes, ex-spouses may contest wills and benefit greatly despite the testator’s last wishes. If you believe your ex has the means to contest your will, you may make a trust. A trust can help ensure heirs benefit from your estate with little to no difficulties.
Reestablish child guardianship
Most parents plan for the unlikely event of their death and establish a guardian for their minor child in their estate plans. Depending on who you designated as your child’s guardian, after divorce, you may need to reconsider who has said role if you and your ex-spouse have an untimely death.
Some things you can’t change after divorce. However, after your divorce is finalized, one of the first things you may consider changing in your life is your estate plans.