Marriage, Divorce, and Your Estate Plan: What You Need to Know
Life events like marriage or divorce can have a big impact on your estate plan. Your estate plan includes important documents that decide what happens to your money and belongings when you pass away. It also says who makes decisions for you if you can’t do it yourself. That’s why it’s important to update your estate plan when your life changes. Let’s take a closer look at how marriage and divorce affect your estate plan.
How Marriage Affects Your Estate Plan
When you get married, you’ll likely want to include your spouse in your estate plan. Here are some things to consider:
Updating Your Will: You may want to name your spouse as the person who will receive your assets.
Powers of Attorney: You might want to choose your spouse to make medical and financial decisions if you can’t.
Beneficiary Designations: Don’t forget to update life insurance policies or retirement accounts to name your spouse as the beneficiary.
By making these updates, you’ll protect your spouse and make sure your wishes are clear.
How Divorce Affects Your Estate Plan
Divorce is another important life event that impacts your estate plan. If you’re divorcing, here’s what you need to think about:
Remove Your Ex-Spouse: Update your will to make sure your ex-spouse isn’t listed as a beneficiary anymore.
Update Legal Documents: Remove your ex-spouse from powers of attorney or any decision-making roles.
Review Beneficiaries: Make sure your ex-spouse isn’t still listed as the beneficiary on retirement accounts or insurance policies.
These changes will help protect you and avoid confusion in the future. At DK Law Group, we can guide you through updating your estate plan during a divorce.
Other Important Updates
Here are a few more things you should check when your marriage or divorce changes:
Retirement Accounts: Make sure to update the beneficiaries on your own 401(k) or IRA.
Life Insurance Policies: If your ex-spouse is still listed, they might receive the benefit unless you update it.
Trust and Property Titles: Review any trusts or jointly owned properties that may need to be changed.
Taking these steps will ensure plan reflects your current situation.
Conclusion
It’s important to keep your estate plan up-to-date, especially when you go through major life changes like marriage or divorce. The sooner you make these updates, the better protected you and your family will be. Don’t leave things to chance-make sure your estate plan is in order so that your wishes are followed and your loved ones are cared for.
At DK Law Group, we specialize in estate planning and helping you navigate changes like marriage and divorce. Our experienced team will guide you every step of the way, ensuring your plan fits your needs. Whether you need to update a will, a trust, or any other legal documents, we’ve got you covered.
For assistance with your estate plan, call DK Law Group at 443-739-6724 at diana@dklawmd.com .