How a Divorce Will Impact Your Estate Planning

How a Divorce Will Impact Your Estate Planning

It can be easy to forget about the details when your mind is focused on a huge life change like a divorce. However, forgetting to update your estate plan can affect the future of your family, so when you go through any sort of big life change – good or bad – this is something you need to give consideration to. Here are two big estate plan changes you need to think about after a divorce.

• Changing the beneficiary named on your accounts – Life insurance policies, POD bank accounts, and many other assets transfer directly to the person who is the named beneficiary. An executor won’t be able to stop it. So if your ex’s name is listed for any of these types of accounts, you need to change it right away.
• Plan ahead for kids you had with your ex – If you get remarried in the future, the natural line of succession will leave out children from previous marriages because everything will go to your new mate. That means you need to plan your estate specifically to leave what you want to children from a previous mate.

San Diego Estate Planning Attorneys to Help You Think About Your Family’s Future

The estate planning attorneys at Petrov Law Firm are ready and willing to help you prepare for the future of your family no matter what life-changing experiences you may go through. Contact us today by calling 619.344.0360 to start your estate plan or to review an existing plan.