Every divorce, regardless of how amicable, results in significant life changes. Amid the emotional turmoil, it’s easy to overlook the need to change your estate plan. The process may feel overwhelming but putting it off could have unintended consequences.
Divorce triggers an automatic disruption of your estate plan. Under typical
circumstances, the dissolution of a marriage causes provisions made in favor of your former
spouse in your will to be declared null and void in most states. However, this automatic
invalidation doesn’t extend to every element of your estate plan. Key financial documents like
trusts, retirement plans, and life insurance policies may still have your ex-spouse listed as a
beneficiary. Thus, unless timely revisions are made, there is a real risk of your former partner gaining benefits you would rather redirect.
In addition, divorce often brings in an urgency to safeguard your children’s future, more
specifically, their inheritance. Under your previous estate plan, you may have designated your
former spouse as the trustee to manage any inheritances left for your children who are minors.
However, due to your recent divorce, you might wish to think through this arrangement. Consider
appointing a neutral third party or setting up a trust. Such adjustments ensure that your
children’s inheritance is handled and protected in a way that aligns with your desires and their best interests.
Revising your estate plan after a divorce is more than a bureaucratic task; it’s an act of
reassurance for your future. It alleviates uncertainty and potential conflicts, enabling a
seamless shift of possessions. It’s also essential to ensure it aligns with your current
circumstances and aspirations. After all, securing your future isn’t just about moving forward—it’s about shaping that journey with thoughtful intention.
Reach out to the experienced attorneys at A Business Law Firm, LLC. by calling our Spartanburg
office at (864) 699-9801 who can help you determine the appropriate course of action tailored
to your specific needs.
