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Estate planning considerations after you get a divorce

On Behalf of | Jan 7, 2024 | Divorce Financial Planning |

Going through a divorce can be an emotionally charged experience. Amidst the legal wrangling and personal adjustments that come with divorce, it is unfortunately easy to neglect other parts of life.

Your divorce decree finalizes asset division and child-related matters, but it can also open the door to shortcomings in your estate plan. Revising your plan can guard your wishes and loved ones after legally ending a marriage. A step-by-step approach may help you stay focused.

Start with your will

Most spouses name one another as beneficiaries in their wills and other documents. Unless you want your ex to remain a beneficiary, you must update your will to ensure that your assets are distributed according to your current wishes.

Rethink your health care surrogate

Is your former spouse still named as your health care surrogate in your Kentucky living will and other advance directive forms? If so, you may want to reconsider that decision. Someone else may be a more appropriate choice.

Determine possible tax implications

Estate planning can mitigate tax burdens, but divorce may introduce unforeseen complexities. For example, it can change your filing requirements depending on when your divorce is finalized. Updates to your estate plan may help minimize and resolve complications.

A fresh, knowledgeable perspective can make a difference in the strength of your estate protections following a divorce. Experienced legal representation may help you feel more confident that your documents are legally sound and effectively execute your wishes.

Periodic plan reviews and updates can also be beneficial. It may ensure your estate plan functions as desired, regardless of how your life changes.