Going through a divorce can be a difficult experience. It can lead to financial difficulties, and the process of dividing assets can be quite challenging. However, even though it may be the last thing on your mind, it is important to remember your estate plan during this time. If you fail to update your documents after a divorce, your ex-spouse may end up inheriting your assets in ways that you neither want nor expect after your death. 

estate planning after divorce

Update Your Last Will and Testament  

After a major life event, such as divorce, you want to review your Last Will and Testament to ensure it reflects your wishes. Remember, if you do not make appropriate changes, the executor of your estate can end up following the instructions of the current Will, even if it no longer reflects your current desires or lists individuals that you no longer wish to benefit after you pass away. 

Changing the Beneficiary Designation

It is important to be aware that some of your assets may not pass through your Will but instead through beneficiary designations. These assets may include retirement accounts like 401(k)s and IRAs, life insurance policies, or other accounts. That is why reviewing these policies after a divorce and ensuring that the appropriate beneficiary is listed is crucial. 

Review Your Medical Power of Attorney

A medical power of attorney is a legal document that allows you to designate a person to make medical decisions on your behalf if you cannot do so yourself.  It is not uncommon for married couples to assume that their partner will have the right to make these decisions. However, if you have gone through a divorce, this designation may no longer be valid, and it is important to reconsider who you want to make these decisions. In addition, you should also review any end-of-life directives that have been left behind to verify that they reflect your current desires and not your spouse’s. 

Make a New Living Trust

A revocable living trust is a legal document that states who you want to receive your property after you pass away.  If you and your ex-spouse made a joint living trust, the assets held in the trust will likely be divided and allocated as part of the divorce settlement. That is why it is crucial to review these trusts and create a new one that will better fit your new lifestyle and your plans for the future.  

Contact Losavio & DeJean, LLC To Discuss Your Estate Plans After a Divorce

At Losavio & DeJean, LLC, our mission is to assist clients in maintaining their independence while living a secure and comfortable life for as long as possible. More importantly, we understand that every family has unique needs. Which is why our experienced Louisiana estate planning attorneys offer personalized estate planning services to ensure that our clients’ interests are taken care of.

If you want to create an estate plan or need further information about the process, contact us today and learn how our legal team can help you.