Life changes, and so should your estate plan. Marriage and divorce significantly impact asset distribution, beneficiary designations, and legal protections, making it crucial to revise your estate plan to reflect your current situation.
Why Updating Your Estate Plan Is Important
- Marriage: A new spouse may be entitled to inherit assets, but without proper planning, unintended consequences could arise.
- Divorce: Failing to update documents after separation may result in an ex-spouse remaining as a beneficiary or having control over your affairs.
Steps to Update Your Estate Plan
1. Review and Revise Your Will
Adjust your will to include or remove beneficiaries and update instructions for asset distribution.
2. Update Beneficiary Designations
Check life insurance policies, retirement accounts, and other financial assets to ensure beneficiary listings reflect your current wishes.
3. Modify Power of Attorney and Healthcare Directives
If your ex-spouse or previous partner was listed as a decision-maker, revise these documents to designate a trusted individual.
4. Reassess Trusts and Joint Accounts
If you hold assets in a trust or share ownership with a former spouse, work with an attorney to amend or restructure ownership.
5. Consult an Estate Planning Attorney
An experienced attorney can ensure legal documents align with your new marital status and state laws.
For expert estate planning guidance, reach out to The Eastman Law Firm:
Contact Us Today
Name: The Eastman Law Firm
Address: 4901 W. 136th Street, Ste. 240Leawood, Kansas66224
Phone Number: (913) 908-9113
Website: www.theeastmanlawfirm.com
Keeping your estate plan up to date ensures your assets are protected and distributed according to your current life circumstances. If you need professional assistance, consulting an estate planning attorney is a smart step forward.