Revisiting estate planning goals after the end of a marriage

| Jul 6, 2020 | Estate Planning |

There are a variety of scenarios in which a change in life circumstances could leave you facing a need to reassess your goals for the future. Should you and your spouse choose to part ways, the end of your marriage could leave you facing a variety of difficult decisions about what you want from life ahead.

One part of the process of opening a new chapter in life could involve revisiting your estate plan and updating information accordingly. Taking steps to help bring your estate plan in line with your current wishes and preferences for the future might seem like a complex task, but it may also be imperative.

Topics to address

Knowing some of the most vital topics to address after going through a divorce could prove essential to ensuring your estate plan reflects your preferences. Some tips to help you achieve this goal could include:

  • Wills and trusts: After a divorce, it may be helpful to revisit your will or trust documents and modify each to reflect any changes to your life circumstances and preferences for the future.
  • Power of attorney: Addressing any existing powers of attorney or health care directives could also be essential as chances are your soon-to-be former spouse could be listed on these documents.
  • Beneficiaries: Revisiting beneficiary designations could also be vital as you may wish to remove some of the names on your list, or even add in others.
  • Guardianship: After a divorce, you may also encounter a desire to rethink your current choices for guardianship of your kids should the unthinkable occur.
  • Insurance: Addressing topics such as life insurance policies could also play an integral role in protecting your interests and ensuring your estate planning goals align with your wishes.

With a variety of topics to cover, each of which could have a significant influence on your future, it might be in your best interests to consult with someone who is knowledgeable in Michigan estate planning laws for guidance.

Protecting your interests

The end of your marriage could prompt a variety of changes in your life and the concept of making the necessary updates to your current plans for life ahead could seem somewhat overwhelming. When facing a similar scenario, you could consider speaking with someone with experience in such matters for much-needed insight into navigating the process. Seeking guidance could help you better prepare to make the necessary changes to your estate plan and help shift your focus toward opening a new chapter in life.