It’s a safe bet many people don’t think about having their estate plan reviewed after a divorce. Rather, their minds are fixated on meetings with lawyers, impending custody disputes, concerns over how all the assets will be divided, etc. We get it; there’s a lot to think about when you are in the thick of such a life-changing event. But the last thing you want to overlook once you reach the finish line is your existing will, trust, power of attorney, and more.
After all, the unique strategies for those documents likely had you and your then-spouse at the center of it all.
Have you divorced since your estate plan was last reviewed?
Our team of lawyers at Christman Attorneys, PLLC are here to meet your needs now and well into the future — especially when life throws in a major curveball, such as divorce. Even if no changes have occurred in your life, estate plan reviews should happen every 2-3 years to account for any potential revisions you may not have thought were necessary.
Examples of such factors include:
- New children
- Death
- Changes in healthcare needs
- New assets
- Beneficiary changes
- Financial changes
- New businesses
And yes, it also includes divorce.
3 reasons why your estate plan should be reviewed after a divorce …
- You eliminate the threat of your former spouse receiving unintended benefits.
- It provides the option to designate someone else as an executor or trustee.
- These conversations will remind you to take additional measures, such as updating beneficiary designations for life insurance policies, retirement accounts, pay-on-death bank accounts, etc.
Our office works with individuals and families on small revisions all the time. But the best way, in many cases, to revise a will, trust, or power of attorney after a divorce is to execute new documents. This requires you to revoke and destroy all previous documents and start over again and ensures that the new documents reflect your current wishes and avoid discrepancies.
Please call Christman Attorneys, PLLC for your legal needs today!
Please consult an attorney for advice about your situation. The material on this website and in this or any blog article we publish are for informational purposes only and do not constitute legal advice. The attorneys at Christman Attorneys believe in tailoring legal advice and solutions to your circumstances.
We have an unwavering commitment to helping our clients at each stage of their legal situation.
