How Does Divorce Affect Your Estate Plan?

Estate planning and divorce are closely linked, and navigating the changes to your estate following a divorce is crucial for safeguarding your future and that of your beneficiaries.

Review and Update Your Will: Divorce often necessitates a thorough review of your will. It's essential to update your beneficiary designations and executors to reflect your current wishes, as former spouses are often named in these documents.

Revise Powers of Attorney: Similarly, any powers of attorney or healthcare directives should be updated. If your ex-spouse is named as your agent, you might want to appoint someone else to manage your affairs if you are unable to do so.

Address Jointly Owned Assets: Divorce settlements often require the division of assets that may also impact your estate plan. Understanding which assets you retain and how they should be handled in your estate plan is key.

Trusts and Divorce: If you have established any trusts, you may need to modify them post-divorce, especially if your ex-spouse is a beneficiary or trustee. Ensure that the trusts reflect your new situation and intentions.

Impact on Taxes: Divorce can also change your tax situation, affecting estate tax implications and strategies. Consult with an estate planning attorney to navigate these changes efficiently.

At Noyes & Associates, we understand the complexities at the intersection of estate planning and divorce. Our experienced attorneys are ready to help you review and revise your estate plans to align with your current life circumstances and ensure your intentions are clearly articulated and legally sound.

If your estate plan needs revising post-divorce, or if you have any questions about the implications of divorce on your estate, contact Noyes & Associates today. We’re here to provide expert guidance and peace of mind during these transitions.