Divorce is a significant life event and one that often brings about dramatic emotional, practical, and financial changes. Understandably, updating your estate plan may not be at the forefront of your mind; however, doing so is essential to prevent unwanted consequences. To help ensure that your estate plan works as intended, the Los Angeles attorneys at Schomer Estate & Wealth Advisors explain why it is important to review and revise your estate plan following a divorce.
Divorce and Estate Planning
It is essential to take a proactive approach to your estate plan after a divorce to ensure that your estate reflects your current wishes and protects the interests of those you care about most. Estate plan updates that often follow a divorce include:
- Updating Beneficiaries: Your estate plan likely includes several documents where you have designated beneficiaries, such as your Last Will and Testament, trust agreement, life insurance policies, and retirement accounts. Post-divorce, it is important to ensure that these beneficiary designations align with your current wishes to avoid unintended consequences. Leaving your former spouse as a beneficiary, for example, could mean that your ex-spouse inherits assets when you pass away that you intended for someone else, such as your children, a new partner, or other family members.
- Updating Your Last Will and Testament: Your Will is a fundamental component of your estate plan. After a divorce, you should revisit your Will to ensure that it reflects your new circumstances. Specifically, you may want to change the Executor if your former spouse was named to this role. Additionally, you may have included specific bequests to your former spouse in your Will that should be reconsidered. Updating your Will ensures that your assets are distributed according to your current wishes and reduces the potential for legal challenges.
- Revising a Trust: If you have established a trust, you should review it closely after a divorce. All trusts appoint a Trustee to manage the assets within the trust and if you appointed your former spouse as the Trustee, you will likely want to appoint someone else post-divorce. Furthermore, the terms of the trust may need to be revised to exclude your former spouse as a beneficiary and to include other individuals or charities you now wish to benefit from the trust.
- Guardianship Considerations: If you have minor children, your estate plan should address guardianship. While a court typically favors a biological parent as a guardian, there are circumstances where you may wish to designate a different guardian for your children in the event of your death. This consideration becomes particularly relevant if you believe your former spouse is not the best choice to care for your children. Updating your estate plan to include your preferred guardian and a backup guardian provides peace of mind and ensures that your children will be cared for by someone you trust implicitly.
- Advance Directives: Estate plans often include advance directives, including a Living Will and a Healthcare Power of Attorney. These documents make end-of-life healthcare decisions for yourself now in case you cannot make them later and allow you to grant authority to someone to make medical decisions on your behalf if you become incapacitated. If your former spouse is your appointed agent under a Healthcare Power of Attorney, you will likely want to appoint a replacement agent after the divorce.
- Durable Power of Attorney: A financial POA lets you name an agent who can act on your behalf in legal transactions. Making a POA durable allows the authority granted to your agent to survive your incapacity. You should review all existing POAs to prevent your former spouse from having authority over your finances if you become incapacitated.
- Tax Implications: State and federal gift and estate taxes can significantly impact your estate plan. Following a divorce, you should review the tax implications your newly divorced status has on your estate plan.
Do You Need to Revise Your Estate Plan After Divorce?
For more information, please join us for an upcoming FREE seminar. If you are recently divorced, and you are ready to review and revise your estate plan, contact the experienced Los Angeles estate planning attorneys at Schomer Estate & Wealth Advisors by calling (310) 337-7696 to schedule an appointment.
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