How Do I Revise an Estate Plan After a Divorce?

Divorce brings significant changes to your life, including your financial and legal responsibilities. One critical, often overlooked task after a divorce is revising your estate plan. Failing to update your estate plan can result in unintended consequences, such as your ex-spouse inheriting assets or making decisions on your behalf. At Bleakley Bavol Denman & Grace, we guide Tampa residents through this important process to ensure their estate plans align with their post-divorce goals and priorities.

Why Revising Your Estate Plan Is Crucial

In Florida, a divorce automatically revokes some provisions in your estate plan, such as gifts to your former spouse under a will or trust. However, other aspects, such as beneficiary designations on retirement accounts, life insurance policies, and payable-on-death accounts, may not be automatically updated. Without careful revision, your ex-spouse could still benefit from your estate.

Steps to Revise Your Estate Plan

1. Update Your Will
   After a divorce, revise your will to reflect your new circumstances.

• Remove Your Ex-Spouse: Ensure your ex is no longer listed as a beneficiary or executor unless you have specific reasons to keep them in those roles.
• Reallocate Assets: Adjust how your assets will be distributed among children, other family members, or charitable organizations.

1. Revise Your Trusts
   If you have a revocable living trust, update it to remove your ex-spouse as a trustee or beneficiary. Consider creating a new trust for your children or other loved ones to safeguard their financial future.
2. Change Beneficiary Designations
   Florida law does not automatically remove your ex-spouse as a beneficiary on non-probate assets like:

• Retirement accounts (401(k), IRA).
• Life insurance policies.
• Bank accounts with payable-on-death designations.
  Contact the administrators of these accounts to update your beneficiary designations.

1. Review Guardianship Provisions
   If you have minor children, your estate plan may include provisions for their guardianship. While Florida courts typically prioritize the other parent as the natural guardian, you can still name a trusted individual to manage assets left for your children.
2. Update Powers of Attorney

• Financial Power of Attorney: Remove your ex-spouse as your financial agent and appoint someone you trust to manage your financial affairs if you become incapacitated.
• Healthcare Power of Attorney: Ensure your ex-spouse is no longer authorized to make medical decisions on your behalf.

1. Reassess Your Insurance Policies
   Beyond beneficiary changes, review any insurance policies for coverage changes, particularly if your divorce involved new financial obligations, such as spousal or child support.
2. Review Your Estate Planning Goals
   Divorce often changes your long-term goals. Work with an experienced attorney to ensure your estate plan aligns with your current financial and personal priorities.

Why Work with an Experienced Estate Planning Attorney?

Revising an estate plan after a divorce can be complex, especially if your finances, family dynamics, or legal obligations have changed significantly. An experienced attorney at Bleakley Bavol Denman & Grace can help you navigate these updates, avoid legal pitfalls, and create a plan that reflects your post-divorce intentions.

Final Thoughts

Divorce is a fresh start, and revising your estate plan ensures that your legacy reflects your new reality. If you need assistance updating your estate plan, contact Bleakley Bavol Denman & Grace in Tampa. Our dedicated Tampa Estate Planning Attorneys are here to guide you through the process, providing peace of mind and protecting your future.

Source:

.leg.state.fl.us/Statutes/index.cfm?App_mode=Display_Statute&URL=0700-0799/0732/Sections/0732.703.html