Our team at the David W. Martin Law Group recognizes that going through a divorce is a big life event that can affect a lot of things in the future, like estate planning. It’s critical to discuss both the dissolution of your marriage and the necessary revisions to your estate planning documents to reflect your changed circumstances during the divorce process. We’ll discuss the significance of amending estate planning paperwork following a divorce in this blog post, as well as the actions you should take in Greenville, South Carolina, to make sure that your desires are accurately recorded.
Why Do Estate Planning Document Need Updates Following Divorce?
Your estate plan may be significantly impacted by a divorce because much of the paperwork may still list your ex-spouse as a beneficiary or decision-maker. If these documents are not updated, there may be unforeseen implications and future issues. It is imperative that you examine and update your estate planning paperwork to reflect your goals and situation as it is today.
Important Papers to Revise:
Last Will and Testament: This document specifies how you want your possessions to be divided up after you pass away. Following a divorce, you’ll probably want to name new beneficiaries for your estate and take your ex-spouse off it.
Revocable Living Trust: To remove your ex-spouse from the trust as a trustee or beneficiary, you must alter the trust agreement if you have one. It can also be necessary to adjust the trust’s terms to consider your updated situation.
Beneficiary Designations: Examine and amend beneficiary selections on life insurance policies, retirement accounts, and other financial instruments. If you don’t alter these designations, assets you meant for someone else may end up in the hands of your ex-spouse.
Healthcare Proxy and Power of Attorney: You will need to designate new people to serve in these capacities if your former spouse was named as your healthcare proxy or power of attorney.
Procedures for Revising Estate Planning Documents:
Speak with an Attorney: Make an appointment for a consultation with a knowledgeable estate planning lawyer who can examine your current paperwork and provide you with advice on any modifications that are required.
Examine Your Documents: Pay close attention to your will, trust, and other estate planning documents to make sure there are no clauses that need to be added or deleted.
Create New Documents: In collaboration with your lawyer, create new estate planning documents that accurately represent your current situation and desires.
Execute Documents Correctly: For your new estate planning documents to be enforceable under South Carolina law, you must make sure they are executed correctly.
Communicate Changes: Let the appropriate individuals know about any modifications to your estate plan, including beneficiaries, family members, and financial institutions.
Contact Our Attorney at the David W. Martin Law Group
After a divorce, updating your estate planning documents is essential to safeguarding your preferences and making sure your assets are allocated as you intended. We at the David W. Martin Law Group are here to guide you through this process and give you the support and direction you require at this trying time. Please get in touch with us for help revising your estate planning documents in Greenville, South Carolina, whether you are divorcing or have recently finished your divorce. We are here to support your goals and assist you in making plans for a safe and secure future.
