Divorce marks the end of a marriage. If you’re facing this life transition, it means that it is time to reevaluate your legal and financial affairs. This includes your will.
You’ll need to make changes based on your new situation. The following are some important considerations when reviewing and changing your will after a divorce.
Update your beneficiaries
Following a divorce, you’ll want to revisit the beneficiaries listed in your will. Ensure that any provisions naming your former spouse as a beneficiary or executor are updated to reflect your current intentions. You may need to designate new beneficiaries for assets such as property within your will and, investments, life insurance policies and retirement accounts on the individual accounts in question.
Consider guardianship of children
If you have minor children, determining guardianship arrangements in the event of your death becomes important after a divorce. Reassess your choice of guardian and discuss this decision with the selected individual(s) to ensure their willingness and suitability to fulfill this role. Updating your will to reflect your chosen guardians can provide clarity and peace of mind for all parties involved.
Asset distribution
Divorce often results in significant changes to your financial situation and asset ownership. Review how your assets are distributed in your will to align with any divorce settlements, property division agreements or changes in ownership that have occurred since the creation of your initial estate plan. This may involve updating provisions related to real estate, bank accounts, investments and personal belongings.
By addressing these important considerations, you can feel confident that your will accurately reflects your post-divorce intentions, providing clarity and protection for yourself and your loved ones in the future.