Update your estate plan after divorce

There are many changes in life that require you to update your estate plan. Divorce is one of those changes. After you divorce, you can revise your estate plan to reflect new beneficiaries, update who is to act as your healthcare agent in case of emergency and make any other necessary changes to ensure your wishes are met. Consider your will, trusts, advance healthcare directive and power of attorney when making changes to your estate plan after your divorce.  

Consider these changes 

Even if your marriage ended on amicable terms, you will still likely want to remove your ex from receiving assets and acting on your behalf in case you’re incapacitated. When removing your ex as a beneficiary, be sure that you’re aware of your divorce decree. Some decrees may award certain assets to an ex-spouse, especially when it comes to retirement funds and other investments.  

You may want to update a trust or add one to your estate plan so that you can pass assets on to your children or grandchildren in a way that keeps those assets safe. Your trust can include provisions about who you wish to oversee the trust and how and when you wish those assets to be distributed. You can easily update an individual trust with an amendment. If you have a joint trust with your ex, those can be changed but the process is not as simple.  

Advance healthcare directive 

If you’ve included details about how you wish to be cared for in an emergency, usually called a living will or advance healthcare directive, you can update that information after your divorce. Choose a trustworthy healthcare agent, sometimes called a healthcare proxy, who will oversee making decisions for you if you’re incapacitated. You may choose a close friend, an adult child or someone else you believe will make the right decisions based on your wishes.  

The person designated as agent in your power of attorney may also act as your healthcare proxy if you wish them to do so. The power of attorney also allows them to make financial decisions on your behalf. When designating someone for this role, be sure to talk with them first so they are aware of the responsibilities and are prepared to act if needed.  

Updating your estate plan 

After divorce, you may need to make considerable changes to your estate plan. These changes may include updating a trust, changing beneficiaries or designating a different healthcare proxy. By working with someone knowledgeable of Florida’s estate planning laws, you can ensure that you make the necessary updates to reflect your post-divorce lifestyle.