The end of a marriage will bring about significant changes in a person’s life, but it is important not to overlook the potential changes that also need to be made to an existing estate plan. When a person separates from or divorces a spouse, he or she likely does not want that person as a beneficiary or making medical decisions on his or her behalf. Tennessee readers would be wise to make the estate planning changes necessary to protect their interests.
It is smart to remove an ex-spouse from a will, but that person could still be mentioned in other estate planning documents as well. One important step is to review a will but also not to overlook potential adjustments that need to be made in things such as medical directives and powers of attorney. It is also useful to review anything that could name a spouse as a beneficiary or any type of personal representative.
The divorce decree could impact estate planning measures that a person may need to take. Some divorce decrees may mandate that a spouse remain on a life insurance policy, or it may prevent the transfer of the title to the family home. As changes are made, it is prudent to carefully review these things and ensure they match the terms of the divorce order and Tennessee estate laws.
A complete assessment of the individual case after a divorce will reveal what changes are important for a person’s estate plan. Significant life changes typically necessitate estate planning adjustments in a will and other documents. It is beneficial not to overlook this important step during a time of transition and post-divorce adjustment.