The Intersection of Estate Planning and Divorce Law
Divorce is a major life change, and it doesn’t just affect your relationship-it also impacts your estate plan. If you’ve already made a will or trust, you’ll need to update it after a divorce to protect your assets and reflect your new wishes. In this blog, we’ll walk you through the key areas where divorce and estate planning meet and what steps you need to take to stay protected.
Why Your Estate Plan Needs a Refresh After Divorce
When you go through a divorce, it’s important to update your estate plan right away. Many people have their ex-spouse named as a beneficiary or executor in their will or life insurance policy. If these documents aren’t updated, your ex could still inherit your assets or make decisions on your behalf. Reviewing your estate plan ensures that your money and property go to the people you want, not those you no longer intend to benefit.
Changing Beneficiaries and Executors
One of the first things to do after a divorce is to change any beneficiaries. This includes updating wills, trusts, retirement accounts, and life insurance policies. You may also need to choose a new executor-someone you trust to handle your estate after you pass away. Our attorneys at DK Law Group can help you make these changes smoothly and ensure your new plan is legally sound.
Trusts and Divorce Settlements
If you set up a trust while married, you may need to make adjustments after the divorce. Some trusts might need to be revoked or changed to remove your ex-spouse. If you have children, you might consider creating a new trust to ensure their financial future is protected. Divorce can also impact how martial property is distributed, so working with an attorney to align your trust with your divorce settlement is essential.
Powers of Attorney and Healthcare Decisions
During your marriage, you may have named your spouse as your power of attorney or healthcare proxy-the person who makes financial or medical decisions if you can’t. After a divorce, you’ll likely want to assign someone else to these roles. It’s crucial to update these documents so the right person is in charge if something unexpected happens.
How DK Law Group Can Help You Navigate Divorce and Estate Planning
Navigating both divorce and estate planning can be complicated, but DK Law Group is here to help. We understand how important it is to update your estate plan after a divorce to protect your assets and ensure your wishes are followed. Our experienced team will guide you through the process, whether you need to change beneficiaries, set up new trusts, or update powers of attorney. We’ll make sure your estate plan fits your new situation and gives you peace of mind.
Conclusion
Divorce is a fresh start, and updating your estate plan ensures that your new future is protected. It’s essential to adjust your plan to reflect your current wishes and protect your loved ones. Don’t leave it to chance-act now to avoid confusion or conflict later.
Contact DK Law Group today at (443) 739-6724 or email us at diana@dklawmd.com to get started. Our team is ready to help you update your estate plan, ensuring it aligns with your new circumstances and secures your legacy for the future.