For many people, the decision to end a marriage can be a very tough one to make. Outside of a custody battle, property division and hard feelings, there are other issues that may arise in the wake of a divorce. For example, your estate plan may be impacted by the end of your marriage in various ways, and even though you may feel as if you have already been through enough recently, handling these matters promptly is vital. In this post, we will look over some of the different ways in which divorce affects estate plans.
First of all, many people not only list their former spouse as a beneficiary but place them in charge of their estate. After the marriage ends, they may no longer want their spouse to have access to their assets or authority over their estate plan, which necessitates revision. This is not the only way in which divorce can affect an estate plan, however. Some people may remarry after splitting up with their spouse, and they may need to include their new partner (and their new spouse's children) in their estate plan. Or, they may want to remove their former spouse's kids from their estate plan.
Ending your marriage can affect your estate plan and your life in many ways, but you should not let these issues prevent you from ending a toxic marriage and making the changes that are necessary in your life. Our website discusses other topics that are connected to estate plan revision.