In life, change is inevitable. But change can also be a priority when a marriage ends. Updating your will after a divorce should be a priority.
Even if you and your former spouse parted on good terms, now would be a good time to take a look at your estate plan and see if any changes should be made. And if you never got around to creating an estate plan or will, now’s a good time to address that concern.
Beneficiary Designation
Any estate plan centers on the central challenge of deciding how your belongings and assets will be handled when you’ve passed away. To ensure your assets end up with the right people, it’s imperative to name which beneficiary gets which asset. Anyone can be named a beneficiary, including children, friends, family members, and even organizations.
Common items listed in wills include:
· Life Insurance policies
· Property and Belongings (including pets)
· Bank Accounts
· Stocks and Bonds
· Specific wishes regarding the care of other surviving family members, including children and individuals with health requirements.
Generally speaking, married individuals tend to name their spouse as a primary beneficiary in their will. This usually occurs as a way to ensure a surviving spouse has access to the assets and funds for some level of security following the loss of a loved one.
Changing the Designations
It’s imperative to consider the beneficiary designations after a divorce to address the changes to your new reality. Even if you maintain good relations with your former spouse, you may no longer want them listed as the primary beneficiary for any of your assets.
For example, if your spouse was listed as the beneficiary of your life insurance policy, you might decide it would be better to name your eldest child as the new beneficiary. If you have no children, you might decide to name a friend or family member instead.
When it comes to estate planning, the key factor remains flexibility. You could decide to rewrite your will on a yearly basis and no one will prevent you from doing so.
Things to Consider Changing
While every situation will present its own unique challenges, consider these basic changes to your will following a divorce.
Property and Assets
Any property or assets gained or lost during the time frame of your marriage should be reconsidered in your estate plan. This does not necessarily mean your former spouse should be completely excluded as a beneficiary, but you should confirm any changes as quickly as possible.
Will Executor
Who is the person or persons you want tasked with making sure your final wishes will be honored when you’re gone? A divorce may have changed your relationship with the named executors, which means you might be better served by naming someone else to the post.
Guardian
This one applies to children, elderly parents, siblings, pets, and anyone else in your care. Who do you have lined up to care for them when you’re gone?
We Can Help
Looking to update your will or estate plan? Need help ensuring your wishes get honored? Contact Jacobson & Jacobson PLLC today.
Jacobson & Jacobson Law Firm, since 1982, is committed to serving the Boise and Nampa, Idaho areas for your top Criminal Defense,Personal Injury, Business Law, Estate Planning, Family Law, Immigration Law, and Litigation needs. Contact us today to get started.