Going through a divorce is complicated and it can fill your plate. Unfortunately, your divorce might not be the only legal issue you have to think about at the time. Divorce affects many different areas of your life, including your estate plan.
You may not want to think about another legal issue during this time, but it is important that you consider your estate plan during and after the divorce process. But what exactly do you need to think about?
How exactly does your divorce affect your estate plan?
Your estate plan features many different aspects of your life and a divorce can affect all of these parts. Estate planning is incredibly inclusive and essential to your life, so ending a marriage will certainly affect it. There are several changes you may need to make and many things you will want to review including:
- Guardianship of your children
- Insurance requirements and beneficiaries
- Will and trust beneficiaries and executors
- Power of attorney and healthcare proxy
- Beneficiary designations
This all can be complex, so it may help to consult your estate planning attorney after a divorce. It is important to be sure you have everything in order and legally sound.
Other causes for estate planning changes
Divorce is one major life change that should prompt adjustments to your estate plan, but there are other times when you should review it too. While you may want to file away your estate plan and forget about it, it is important to periodically review and update this important aspect of your life.