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Make Important Changes
It's no secret that divorce can be messy, both emotionally and legally. But what many people don't realize is that divorce can also have a significant impact on an estate plan. In fact, there are a number of ways in which divorce can affect estate planning, some of which are quite unexpected. Keep reading to learn more about the impact of divorce on an estate plan.
Changing Your Beneficiaries
You'll need to update your estate plan to reflect your new situation when you get divorced. One of the most important changes you'll need to make is to your beneficiaries. Typically, when you get married, you name your spouse as the primary beneficiary on all your assets. But if you get divorced, you may no longer want your former spouse as a beneficiary. You'll need to name new beneficiaries, preferably someone who will be able to inherit your assets regardless of what happens with your divorce.
Making Changes to Your Will
Another change you'll need to make after getting divorced is in your will. If you were previously married, your will likely contained a provision naming your spouse as the executor of your estate. But now that you're divorced, that won't be an option anymore. You'll need to name a new executor, preferably someone who is already familiar with your estate and who you trust to handle things properly.
Changing Your Power of Attorney
If you named your spouse as your power of attorney, you'll also need to alter this after getting divorced. The power of attorney allows someone else to make decisions on your behalf if you're unable to do so yourself. But if you're no longer married to the person you named as your power of attorney, they no longer have that authority. You'll need to appoint a new power of attorney, preferably someone who knows what you want and who you trust to make decisions on your behalf.
Reach Out to an Attorney for Guidance
These are just a few examples of the many changes that need to be made after getting divorced. It's important to update your estate plan as soon as possible so that it accurately reflects your current situation. If you have any questions about how divorce may impact your estate plan, please don't hesitate to contact an estate planning lawyer for advice.
At Law Office of Alexandra White, PC, our team can help ensure that your estate plan is current and reflects your wishes after a divorce. Learn more about how we can help or schedule a consultation to discuss your situation by calling (303) 647-4245 or visiting us online.