Divorce brings about a whirlwind of emotional and legal complexities. One critical yet often overlooked step in moving forward is revisiting and updating your estate plans. Ensuring that key documents like wills, trusts, and beneficiary designations reflect your new reality post-divorce is paramount. Estate planning not only secures your financial future but also ensures the right people are protected.

Reassign Powers of Attorney

Many couples grant each other medical and financial powers of attorney during the marriage. After divorce, it’s crucial to revoke these powers to prevent an ex-spouse from making decisions on your behalf. Replace the ex-spouse with someone more appropriate, such as a sibling, adult child, or trusted friend. This update is essential to ensure the right person is in charge of important life decisions.

Redesignate Beneficiaries

Assets like life insurance policies, retirement accounts, and bank accounts often bypass probate and go directly to the named beneficiaries. Request new beneficiary designation forms to remove your ex-spouse and select someone new, ensuring your assets are distributed according to your updated wishes. While the process is simple, overlooking these updates can lead to unintended consequences.

Update Will and Trust

It’s important to revoke any existing will or trust that benefits an ex-spouse. Unless explicitly changed, previous designations may still stand despite the end of the marriage. Name new heir(s) reflecting your current wishes to ensure your estate aligns with your intentions. For those with minor children, assign a legal guardian who can step in if both parents pass away or are deemed unfit. The guardian will manage any assets left for the children until they reach adulthood.

Though estate planning post-divorce may feel overwhelming, it’s a necessary process to protect yourself and your loved ones. Seek professional advice and act quickly to ensure your estate reflects your current situation.

Consult with an estate planning attorney to review and update all essential documents. Taking these steps today will bring peace of mind for the future.