Update your Will and Estate Plan After Divorce

During a divorce, property, assets and debts will be divided, and custody and support of any children will be determined. Because of these major changes in your life, you'll need to update your Will and estate plan after the divorce is finalized.

Will
A divorce changes your family structure, so change your Will accordingly. Add or remove beneficiaries, and property gained or lost in the divorce. If your spouse was your executor in your Will, you'll probably want to name a new executor. You can change your existing will by writing a Codicil, or just write a new Will.

Living Trust
You may wish to amend who receives property, what property is received, and who manages your Living Trust. Most living trusts can be changed.

Life Insurance Policy
You may wish to change the beneficiaries of your life insurance policy, like removing your spouse, for example.

Power of Attorney
If your spouse has Power of Attorney regarding your business, financial, legal and health care decisions, you may wish to transfer this power to someone else. Power of Attorney related to medical care is usually called a Health Care Directive.

Legal Name Change
If you wish to change your name after a divorce, you must file for a Legal Name Change either during the divorce proceedings or afterwards. It is much easier to get a Legal Name Change through a Marital Settlement Agreement than through the regular legal name change process. Once you've changed your name, you'll need to update all your important documents to reflect this new name.

If you need more help, you can also use RocketLawyer.com to Find an Estate Planning Lawyer to help you update your Will and estate plan.

Laws on this topic may vary from state to state. This content is not meant to provide you with complete information and it is not intended to be legal or tax advice. It is recommended that you consult with your own attorney, accountant or other advisor regarding your specific situation.