How does my estate plan change with divorce?

When a couple gets married, they will likely create a will and an estate plan together to protect their future. Unfortunately, not all marriages work out and in some situations, the couple decides to get divorced. However, when the estate plan was created, divorce was likely not in the cards at that point. Life happens and things change and now, the estate plan needs to change too. So, how does one go about this?

When the estate plan was initially formed, the spouses likely chose each other to be the primary beneficiaries and probably even granted each other power of attorney. It is also likely that when the couple gets divorced, they no longer want to give their assets to their ex-spouse and certainly don’t want to give them power of attorney. It is important that you update your estate plan as soon as a divorce is finalized to ensure that the appropriate persons are handling your estate. However, be aware that your estate may change because assets will have to be divided up. You will likely have to change the beneficiary on your life insurance and retirement plans.

It is important that you retain an experienced estate planning attorney who can assist you during this time of immense transition. An attorney will help you understand your legal options to make sure your updated assets are accounted for in the new estate plan.

Contact our firm today if you are going through a divorce and need to update your estate plan to protect your future.

If you need the dedicated legal representation for wills, trusts, and estate matters in California, contact the Law Offices of Yacoba Ann Feldman to schedule a consultation.