Estate Planning Tips for Divorce

If you’ve gone through or are currently going through a divorce, I know how difficult things can be and how life-altering it may see. Ensuring that your estate plan reflects your new situation is crucial. To help you navigate these trying times, here are five important tips to consider when it comes to your estate plan:

1. Create or Update Your Will

If you didn’t previously have a will when married, post-divorce is a great time to create a will and estate plan to ensure that your assets pass where and how you’d like, and the right people are in charge. If you already have a will, you likely have your ex-spouse as a beneficiary and in key roles, and you will certainly want to have this revised.

2. Update Beneficiary Designations

Review and update the beneficiaries on your life insurance policies, retirement accounts (such as IRAs and 401(k)s), and any other accounts where beneficiaries are named. These designations supersede the terms of a will, so it is important to make sure these designations align with your post-divorce wishes.

3. Establish a Trust for Your Children

Trusts can provide for your children’s financial needs if you're not around. The trustee can hold and manage assets for the benefit of your children until they reach a certain age or achieve specific milestones. Your estate planning attorney can walk you through the options.

4. Update Guardianship

If you have minor children, you might need to update the designation of the guardians in your will. This is especially important after a divorce, as custody arrangements might change. Consult your estate planning attorney for advice on guardianship after divorce and other life changes.

5. Communicate Plans with Loved Ones

Openly communicate with your loved ones about your estate planning decisions and changes after divorce. Involve them in the process so that they understand your wishes and can be prepared for potential future roles.

As life circumstances change, it is important to remember that estate planning is not a one-time event but an ongoing process. By following these tips and taking a proactive approach to estate planning, you will enjoy peace of mind for many years to come, while securing a prosperous future for yourself and your loved ones.

The Law Office of Andrew Gavrin provides free initial consultations and is happy to provide more detail on these or other topics, and answer all of your questions. You can find more information at GavrinLaw.com or by contacting Andy Gavrin at andy@gavrinlaw.com or 484.416.5740. The information provided in this article does not, and is not intended to, constitute legal advice; instead, all information, content, and materials are for general informational purposes only. Note that information may not constitute the most up-to-date legal or other information.