Creating an estate plan is not a once-and-done type of deal. While routinely updating or at least reviewing an estate plan annually is a good idea, it may not be enough. When women in Tennessee go through significant life changes — such as a divorce — additional estate planning is essential.
Getting divorced is already difficult enough as it is, and the idea of adding in one more thing on top of everything else may feel like too much to handle. However, careful estate planning can actually complement the divorce process and ensure that everything is handled in a timely manner. For instance, after tackling property division during divorce, an individual can more easily update a will to reflect the property still possessed. It is also a good time to remove an ex-spouse if he or she was listed as the beneficiary for any accounts.
Mothers should also pay careful attention to their wills during a divorce. Most parents choose to designate a guardian for minor children in the event of their own untimely deaths. However, if that guardian is a friend or family member of an ex, that choice may no longer feel appropriate.
Estate planning is an important process for protecting a person’s assets, final wishes and personal interests. However, life is not stagnant, and things like property and final wishes can change over time. Tennessee residents should be certain to conduct a regular review of their estate plan, carefully checking that its contents still accurately reflect all necessary information, including property distributions and guardianship designations.