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The overlap of divorce and estate planning

On Behalf of | Dec 15, 2021 | Estate Planning |

If you and your spouse make an estate plan, that’s a great step toward planning for your future. It can really help the children that you have together and make things go more smoothly. 

If you get divorced, though, then you need to reconsider that plan. These two areas can overlap in some key ways, and it may be time to update your estate plan. 

Removing your spouse from the will 

First and foremost, if you listed your spouse in your will and left assets directly to them, you may need to remove them from this document. You certainly do not want them to get your assets at the expense of your children or a new spouse. 

Considering blended families 

You may also need to think about blended families if you get remarried, and your new spouse has other children. You want to make sure that everything is set up the way that you desire, and things are much more complex when you have two different family units coming together. You also need to consider that your ex may be leaving assets to your biological children that you have with them. 

Updating beneficiary designations 

Finally, you also want to think about things like life insurance or payable on death accounts. If you listed your former spouse on these, they would still get those assets when you pass away. You need to remove them from these accounts and choose new beneficiaries. 

As you do your estate planning, think carefully about how it can be set up to most benefit your family. Then take the time to update that plan when necessary and consider all of the legal steps needed to do so.