Divorce under any circumstance is a stressful and life-altering event. With loads of changes to deal with, it is pretty easy to overlook your estate plans. After all, dealing with another set of paperwork is the last thing most people want after a costly divorce.
However, failing to update your will after a major life event, such as divorce, can turn out to be a costly mistake. Here are important updates you need to make to your will after finalizing your divorce:
Your powers of attorney
Most people appoint their spouses as agents in financial and medical powers of attorney. Unless you want your ex to make medical and financial decisions on your behalf if you are incapacitated, you need to update your will and remove them from these roles after the divorce.
Your beneficiary designations
Did you name your now ex as a beneficiary in your will? If this was the case, and you no longer wish to pass down your assets to them, then you need to update your will to reflect this desire. To do this, you will need to write a new will that excludes them.
Identify a guardian for your minor children
Ideally, your ex-spouse has a right to the custody of your minor children should something happen to you. However, depending on the children’s relationship with them, your ex may not be an automatic fit for guardianship.
For instance, if your ex is incarcerated and, thus, unavailable, or has a history of substance abuse, then you may want to designate someone you trust like a family member as your children’s guardian. However, this is a matter that may require the family court’s involvement.
Divorce can alter the context of your will. One of the most important legal steps you need to take after finalizing your divorce is updating your will.