Make Sure You Update Your Estate Plan After a Divorce

Make Sure You Update Your Estate Plan After a Divorce

Divorce brings about a significant amount of change in an individual’s life. Anytime you experience that degree of change it is important to review your estate plan to make sure it aligns with your current wishes and your new life.

Here are a couple tips to ensure your estate plan is reflective of your current life:

Start from scratch

With the amount of change a divorce can bring, it may be worthwhile to revoke a prior will in its entirety and simply start from scratch. You should destroy the original prior will and any old copies of your will once you have executed a new will.

Starting from scratch ensures you don’t accidentally leave any outdated items in your estate plan and that all the provisions you have in your documents are based on your current life situation. It is a good idea to reevaluate your preferences, including how you want to leave property to friends and loved ones, who you want to serve as guardian to your minor children, who you want to serve as your personal representative, who you want to make healthcare and finance related decisions on your behalf if you become incapacitated, and other key issues.

Review beneficiary designations

Check your retirement accounts, life insurance policies and investments and see who is listed as your beneficiary under each plan.

For more information about updating your estate plan and when it is critical to do so, contact an experienced Tampa estate planning lawyer at BaumannKangas Estate Law.