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How Divorce Can Affect Estate Planning

a person signing a will

Divorce can affect every aspect of a person's life. It can affect the way they live, and it can even affect estate planning that has been underway. If you're trying to figure out how your estate planning will change once you've undergone a divorce, you're in the right place.

Below we're going to detail everything you need to know to prepare to make the necessary changes after a divorce.


What's Detailed in Estate Planning Documents?


Several things change once you've gone through a divorce, but the plans you've made for your estate aren't one of them. When you were creating your estate documents, there were several things that you might have outlined in them.

One document you might have signed is one stating that your former spouse would become the manager of your finances if something happened to you. Your former person would also be the person in charge of making any medical decisions if you've been rendered medically incapable of doing so.

If you've created and signed any documents that state these things, it's wise to reconsider who you'd like to take over your finances and make medical decisions for you if you're not able to.

Your family lawyer Winnipeg will sit down with you and help you redraft these new documents and discard the old ones.


What Happens to the Will?

Different states will consider the will differently if you've gone through a divorce. In some places, if you've divorced your spouse, you won't have to rewrite the will; they will overlook the part where any property or finances have been left to your spouse and vice versa.

One aspect of your will that you will want to change is the person in charge of dispersing your assets. If you don't remove your former partner from your will, they will still control distributing these assets.


Changing Your Beneficiary

When you began your career or opened a banking account, one of the first things you did was name a beneficiary. The beneficiary is the person that all of your finances will be given to in the event of your untimely passing.

If you've gone through a divorce and would like the funds given to someone that is not your former spouse, you will need to remember to contact your company. Then change your beneficiary's name because these are not things that are detailed in your will.


Estate Planning: Divorce Can Change Everything

Estate planning can seem easy. When you've gone through a divorce, there are a series of things that will need to be changed. And things are rewritten unless you want your former spouse to still be the sole beneficiary or manager for certain things like your finances and assets.

If you're looking for a trusted lawyer to help you with your estate planning changes after a divorce, contact Cassidy Ramsay. We've been in the business for more than 40 years and know what kind of help you need.


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