How Will A Divorce Impact Your Estate Plan?

You just finished the divorce process and are ready for a new chapter of life. While the last thing you may want to do after your divorce is go back to a lawyer, that’s one of the first things you should consider when you have an existing estate plan in place.

You should revisit your estate plan immediately after your Massachusetts divorce is finalized. The Center for Elder Law & Estate Planning provides thorough estate planning support for divorcees who wish to alter their estate plans. Below are just several of the steps you should take following a divorce.

Update Your Will

The most obvious step is to alter your will, or write a new will entirely. Many married couples leave a significant portion of their assets, if not all their assets, to their spouse. If you are divorced, do you still want your former spouse to have claim to all of your assets? We can help you reassess your situation and update your will accordingly.

Amend Your Trusts

Much like your will, any trusts you have will most likely need to be updated. In some cases, if you set up a trust for your child, you may no longer want your former spouse to be named the executor of that trust. Alternatively, some trusts may have been subject to asset and property division during the divorce process, and you may need to revisit and refund those trusts.

Update Powers Of Attorney And Health Care Proxy

Many spouses assign durable powers of attorney to one another, so that the one spouse will make health and financial decisions for the other should they become incapacitated. This makes sense when you are married but makes much less sense after your divorce. Especially when the marriage ends badly, you will want to update your powers of attorney or health care proxy to reflect your new situation.

Change Your Beneficiaries

Many aspects of your estate, such as your life insurance policy, may simply require new beneficiaries to be named. Our law firm will walk you through all of your assets and every part of your estate plan to ensure all loose ends are tied and your assets are secure.

You Have Questions, We Have Answers

A divorce is a major life change, and it has a ripple effect that will require major changes in your estate plan once the process is finalized. Our attorneys in Boston are here to help you and provide answers every step of the way. Call our office at 888-784-0864 to schedule a meeting with one of our attorneys today.