Estate Planning and Divorce

During divorce, people rarely consider altering their estate plan in the event of death or incapacitation. We hope this article gets you thinking about it. 

Beneficiary Designations: Think about all investment, banking and retirement accounts that have a beneficiary designation.  You probably have your spouse named.  While this will automatically change when you are divorced, consider changing those now.  

Estate Planning Documents: Do you have a power of attorney? You may have one for finances and one for healthcare.  Do you really want that person to be your spouse in the middle of a divorce? 

Update Your Will: Do you have a will? If you do, you probably have your spouse named as the executor of your will. Similar to beneficiary designations, your spouse is automatically removed as executor of your will when the divorce is final. But in the event your divorce does not settle quickly, you will want to update your will and remove your spouse as the executor. Additionally, consider what is left to your spouse, and after a divorce, certainly address this. Consulting with an estate planning attorney here is key. 

Revisit plan after divorce is finalized: After a divorce is finalized, your ex-spouse will likely have been removed as the beneficiary and/or executor automatically. Thus, you will need to name a new beneficiary and/or executor in the event you did not do so during the divorce. 

While estate planning is probably not at the top of your to-do list during a divorce, it should be a serious consideration.  While The Law Office of Erin M. Wilson LLC is experienced in family law, we are happy to provide you with a referral to an estate planning attorney to explore all of these issues before, during and after a divorce to protect yourself.

NOTICE: This blog is intended solely for informational purposes and should not be construed as providing legal advice. Please feel free to contact us with any questions you may have regarding this blog post.