Estate Planning Issues and Divorce

If you are divorcing, after the divorce is over, you will have some estate planning details that should be addressed sooner than later. Most people realize that they will need to revise their will. However, you will also need to revise the beneficiaries on your bank/investment accounts, retirement accounts and life insurance. Forget to do this and your ex-spouse could receive funds down the road that you intended to go to your children or potential new spouse. Unfortunately, I see this too often when 20 years after a divorce the first spouse receives the benefits of a life insurance policy because the policy beneficiary was inadvertently never changed.

After a divorce you should also revise your durable power of attorney, living will and other documents to get your estate in order. A visit to an estate planning attorney post -divorce is highly recommended. I know we are all busy people. However, I encourage you to take the time to take care of the details before they slip through the cracks.