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Estate planning tactics after a divorce

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Estate planning tactics after a divorce

On Behalf of | Dec 27, 2018 | Estate Planning, Firm News

When a Colorado resident gets divorced, he or she is going to want to review any estate planning documents that were put into place before the marriage ended. Doing so can make sure that a person and his or her former spouse’s family are eliminated from the plan if necessary. Depending on the types of documents that are in place, an individual may need to review more than just a will.

For instance, life insurance policies and brokerage accounts often come with beneficiary designations. Those designations will need to be changed if a person no longer wishes for his or her spouse to inherit its cash value. If a spouse is named as the executor of a person’s estate, this may need to be changed to reflect the changed relationship between the parties. If a spouse’s family member is named as a guardian to a minor child, that may need to be changed as well.

After a divorce, an individual may need to create a new financial and health care power of attorney. Typically, a person chooses his or her spouse to fulfill this role. However, that may not make as much sense after a marriage ends. Those who have never gotten married may also benefit from a discussion about who should act as their financial or health care agent.

Wills and trusts are important parts of an estate plan. However, it may be necessary to alter them after life events, such as divorce. An attorney may be able to help a person make changes after such an event that reflect his or her changing needs and goals. A lawyer may also help an individual add new documents or create a new plan if necessary. This may help someone gain greater control over his or her assets both now and after passing on.