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How to update estate plans after a divorce

On Behalf of | Jan 29, 2024 | Estate Planning

The end of your marriage is going to change many different aspects of your life, including where you live, how often you see your children and more. These changes can be overwhelming, and it is often daunting just to go through the divorce process and make decisions that will allow you to face the future with confidence. You will need to make choices that will allow you to have stability and security long-term.

After your Pennsylvania divorce is final, you can begin to look ahead to your post-divorce life. However, there are still a few parts of your life that your divorce will affect, such as your estate plans. It is important that you update and change your estate plans as needed. Failure to overlook this step could lead to legal and financial challenges in the years to come.

Make sure you have security and protection

After a divorce, it is important that you take steps to further ensure your protection and security. The intent of an estate plan is to ensure that you have the final say over what happens to your property after you pass, as well as control over your medical decisions in case of incapacitation. This will be difficult with an outdated estate plan. Consider the following regarding updated plans after your divorce:

  • Revisit your will to ensure that your personal assets are going to the right people and not your former spouse.
  • Update your powers of attorney to ensure that your agent is not your former spouse or someone with whom you no longer have contact.
  • Update the designations on your life insurance accounts to ensure a former spouse will not get your money after you pass.

These are only a few of the steps you may need to take after your divorce to ensure that your plans are up-to-date and that they reflect your new post-divorce priorities.

Keep your focus on the future

You can make changes to your estate plans that will allow you to have the final say over what happens to your property and with your medical needs. An assessment of your existing plans and other factors can help you understand what steps you can take after your divorce to adjust your plans and begin to move forward with your post-divorce life with confidence.

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