After a divorce, you may not want to ever look at legal paperwork again. Unfortunately, there is one piece of legal documentation that you should revisit following your divorce — your estate plan.
As you change, so will your interests and desires. You may choose to sell some of your assets or redistribute them how you please. With the major change of your divorce, you may still have your ex on your estate plan and desire to remove them. In a meeting with your estate planner, you can discuss your new wishes and how to implement them in your estate.
Reviewing your estate planning documents can help you prepare for the future with what matters most to you at the moment. Your estate plan won’t be set in stone, so you can revisit it and make changes whenever you like.
Choosing New Beneficiaries
Following your divorce, you may wish to change the beneficiaries listed on your will. This will most likely include removing your ex and potentially adding close family members or friends. If you have had children since you last updated your estate plan, you may want to add your children to be your beneficiaries.
Once you determine your estate’s beneficiaries, have a discussion with your family. Letting them know in advance who is included as a beneficiary of your estate can limit conflict between family members.
Changes in Asset Ownership
During your divorce, you and your ex will divide your assets. As a result, you may no longer have ownership of assets in your estate plan. In your estate update, you should remove all assets you no longer own and include assets that you now are the sole owner of.
Creating a Schedule for Semiannual Reviews
While you’re at it, you should create a schedule to meet with your estate planning attorney for a semiannual review of your estate. With these reviews, you can update your estate with any wishes or new assets that you wish to distribute.
San Diego Estate Planning Attorney
At Embry Family Law P.C., our attorneys are here for all of your post-divorce estate planning needs. Our attorneys can handle both your divorce and your estate planning so that you can rest assured that
Do you need to adjust your estate plan after your divorce? Call our estate planning attorneys at (619) 485-6476 today to schedule a consultation.