There are many life changes the average person has that are worth using for updating an estate. An estate isn’t just the assets you’ve collected over life. Within an estate plan are instructions about your assets and stipulations regarding their disbursement. What many California residents overlook, however, is the need to update an estate plan after divorce. Here are specific areas to reconsider in the event of a big life change.
Your beneficiaries
Estate planning is, essentially, all about your beneficiaries and what they receive. Your beneficiaries may include children, family, friends, or organizations. The people who receive your estate are often automatically excluded from the estate by marriage, so ending your matrimony calls for an update of your beneficiaries.
Your property transfers
Property, be it real estate, jewelry, or a car, is accounted for within a will. In the case of a divorce, adjustments are needed if you no longer own the assets listed in your testimony. Making updates now may even save you from legal troubles in the future.
Your current executor
The executor of your estate is someone you assign to manage your assets and issue your appointments and beneficiaries. It helps to reassess your executor in your estate plan after your divorce.
Your designated guardians
Guardians are those who you assign to be the legal stewards of your children. Depending on the family relationships involved, it can become inappropriate to keep your current guardian within your will.
When estate planning after a divorce, the work you’ve done in prior estate plans will still have an impact. Decisions behind what you own and who’s reliable now need to be made. Updating an estate plan should be done regardless of major life changes. In the future, look to update your estate plan every three to five years.
