Recently Divorced? Make Sure You Update Your Estate Plan
There are few events that can shake up every part of your life as much as a divorce. From your place of residence and your assets to the time you spend with your kids, it can feel like your whole life has changed. With so many changes, we advise anyone who has been through a divorce to update their estate plans as soon as possible.
Preparing your estate for the future
This may seem like obvious advice, but you may be surprised by how often divorced individuals wait years before updating their estate plans following their divorce. There are two big reasons to do so.
The first is that the nature of your assets probably changed substantially during your divorce. Your estate plan needs to accurately reflect the most up-to-date version of your estate. After all, your loved ones can’t inherit something that you no longer own or exists in a different form!
The second main consideration is updating your benefactors to make sure that your assets are passed on to the right people. For example, you may still want your ex-spouse to be the beneficiary on your life insurance, but you may not. Taking the time to update your estate ensures that your assets are handled according to your wishes.
Talk to an estate planning attorney
At the office of Ernest A. Casacca, Attorney at Law. In fact, we advise all of our clients to update their estate as part of the divorce process.