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Why update your estate plan when you divorce or remarry?

On Behalf of | Feb 22, 2024 | Estate Planning |

When life takes unexpected turns, such as divorce and remarriage, it’s crucial to reassess various aspects of your life, including your estate plan. Your estate plan should be a comprehensive document outlining how your assets will be distributed upon passing and should be kept current to reflect major life changes.

Significant life changes like divorce and remarriage may result in profound implications for your estate plan. Suppose you’ve not reviewed and updated your estate plan after remarrying. In that case, exploring compelling reasons why updating your estate plan in such circumstances can encourage you to make necessary updates.

Protecting your assets

Divorce often entails the division of assets accumulated during the marriage. As a result, your estate plan needs to reflect these changes to help ensure your assets are distributed according to your current wishes. Without updating your estate plan, you can unintentionally leave assets to a former spouse or exclude new beneficiaries, such as children, from a subsequent marriage. By revising your estate plan, you can safeguard your assets and help ensure they are distributed in line with your current intentions.

Avoiding legal complications

Failure to update your estate plan after a divorce and remarriage can lead to legal complications and contentious disputes among family members. Outdated documents may be challenged in court, resulting in prolonged legal battles and unnecessary stress for your loved ones. By proactively revising your estate plan, you can mitigate the risk of ambiguity or disputes regarding asset distribution.

Divorce and remarriage are significant life events that warrant a review of your estate plan. After all, your estate plan should reflect your current circumstances and intentions. You can take the necessary steps to revise your estate plan by seeking legal guidance to help secure your legacy and provide for those you cherish.