How Does a Divorce Affect My Estate Plan?
March 2, 2022
A divorce can be a very difficult time for everyone involved. Not only is your personal life in turmoil, but your financial security and estate plan may also be affected. If you are going through a divorce, it is important to understand how it will impact your estate plan.
In this article, we will discuss the impact of a divorce on estate planning and provide some tips for protecting your assets during this time.
Estate Plans Must be Updated After a Divorce
When you get divorced, your estate plan will need to be updated. This is because your former spouse will no longer be a part of your estate and will no longer receive any benefits from it. You will need to create a new will or trust that specifically outlines how your assets should be divided in the event of your death.
If you have children, you will also need to update their legal guardian information so that they are protected if something happens to you. In some cases, this may mean changing the beneficiaries on your life insurance policy as well.
Existing Trusts May Not Be Affected
It is important to note that a divorce does not affect an existing trust that was established prior to the marriage being dissolved by court order. However, if the trust is amended or modified after the divorce, the new terms will be binding on all parties involved.
Contact Us for Assistance
If you are going through a divorce, it is important to speak with an estate planning attorney to make sure that your assets are protected. At Sharline Green, P.C., we are here to help you navigate this difficult time and ensure that your estate plan is up-to-date. Contact us today if you need to update your estate plan. Click here to Schedule a FREE Virtual Estate Planning Session.
Support Your Kids’ Interests. Your children may have interests that you do not share. Even if they are different from yours, it is important to support your kids’ interests and encourage them to pursue their passions. By doing this, you will build a stronger bond with your children as well as give them the confidence they need to succeed in life.