There are many different reasons why people may decide to take a second look at their estate plans, from problems within their family to significant changes in their loved ones' lives. However, divorce is a common reason why revising a will or trust becomes necessary. Many people who end their marriage feel overwhelmed with the changes in life, but it is essential to cover every base and make sure that your estate plan is updated to reflect your wishes. After all, it is critical to make sure that your assets are distributed to your loved ones properly.
There are a number of different issues that you may have to go over when it comes to revising your estate plan after a divorce. For example, if your spouse was the executor, you may need to name a new executor, which can be challenging. It is important to find the right person who is fully capable of handling these important responsibilities. Moreover, you may want to make changes to your will or trust with regard to beneficiaries. For example, you may want to remove some of your beneficiaries or change the way in which assets are split up.
Regardless of the estate-related issues you are working through, it is crucial to be prepared and understand the changes that must be made to protect your estate. Modifying an estate plan right after a divorce may seem difficult, but it can offer peace of mind once completed. Our wills and trusts section has more related to estate plan review.