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Divorce and what it means for your estate planning efforts

Dec 24, 2018 | Estate Planning

An estate plan is a smart way for any Florida reader to protect his or her assets and ensure that loved ones have the protection they need in the future. While a person may have a will and other estate planning measures in place, that may not be enough. In order to have the full amount of protection, a person would be wise to update his or her estate plan after major life events, such as a divorce.

A divorce is a life-altering event, and it should also lead to changes in a person’s estate plan. Failure to update a will and other estate planning documents as needed could lead to complications in the future. It is smart to ensure that an ex-spouse is not mentioned in the will and other estate planning documents, such as a medical power of attorney. It is also prudent to review other things such as life insurance policies and more.

After a divorce, a person will want to remove an ex-spouse and replace him or her with another trusted individual in powers of attorney or anything related to medical directive designation. A complete review of an existing plan and documents can reveal what changes are necessary. It possible that terms of the divorce decree could impact estate planning changes.

Estate planning is a complex process, and making changes can be complex. It might be helpful for a person to work with a legal professional knowledgeable in Florida estate laws when making changes to a plan after a divorce. A complete assessment of the existing plan can determine what changes may be necessary.