A number of different life changes may necessitate revising your estate plan, but the end of marriage is a particularly common reason for going over a will or creating a new trust. There are a number of ways in which divorce can lead to changes with respect to a person's estate plan, such as removing someone who they named as the executor, but we will focus on beneficiaries in this post.
Whether you are in the beginning stages of ending your marriage or have already split with your spouse, a number of changes regarding beneficiaries may be necessary. For example, you may want to remove beneficiaries from your will. Sometimes, a person chooses not to leave their spouse's children with the property after they split up. Or, perhaps you wish to change the way in which your assets are distributed among your children and/or stepchildren. On the other hand, you may find yourself in a new relationship following your divorce, which could cause you to add beneficiaries to your estate plan.
Between child custody, property division, and other issues, divorce can be challenging for many people. That said, there are a number of ways in which people can not only simplify their experiences during the divorce but work towards a brighter future afterward and estate plan revision may help in this regard.
Take a look at our estate planning webpage if you would like to read even more on reviewing your estate plan and topics that are related to making decisions about beneficiaries.