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Why you need to update your estate plan after divorce

When you got divorced, your life changed in many different ways. Because of these changes, your estate plan may not reflect your current wishes.

According to Gallup, only 46% of Americans have a will, but if you fall into this group, you should take time to revise your estate plan following divorce. You should plan on doing this shortly after your divorce to prevent any issues with your estate in case the unexpected happens.

Update your beneficiaries

If you are like many people, you may have left a large portion of your assets to your spouse in your estate plan. Take time to determine who you want your assets to go to after your divorce, so your ex does not unintentionally receive your money.

Change guardianship plans

You may want to change your guardianship plans for any minor children you have following your divorce. You may need to consult with your ex about this plan to ensure there are no conflicts or issues.

Name a new executor

Some people choose their spouse as the executor of their estate. But once you get divorced, you probably do not want your ex in charge of your estate. Following your divorce, you may want to name someone else as the executor of your estate.

It can take time to get used to life after divorce. But revising your estate plan should be a priority once you finalize your divorce to ensure your estate plan does not conflict with what you want for your assets.

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