Silhouette of a divided family: mother and child on one side, father on the other.

Divorce is a significant life event that affects more than just your marital status. If you recently ended your marriage, it’s time to think about estate planning after divorce. Ensuring your estate plan reflects your new circumstances helps protect your future and gives you peace of mind. At Pennington Law, PLLC, we understand the challenges that come with these changes and are here to help you make the proper updates. Contact us today for a free consultation.

Why Is Revising Your Estate Plan Essential After Divorce?

Revising your estate plan after a divorce ensures the arrangements regarding your assets accurately reflect your current preferences. It allows you to update beneficiaries, adjust power of attorney designations, and revise guardianship plans for children as needed. Without making these updates, your ex-spouse may unintentionally retain rights to your estate. This process helps protect your interests, align your plans with your new life, and avoid potential legal complications or unintended outcomes for your heirs in the future.

Update Your Will and Trusts

After the divorce decree is finalized, your will and trusts should be among the first documents you update. Many people name their spouse as a primary beneficiary or personal representative (executor). If your estate plan doesn’t match your current wishes, revisions will ensure your assets get distributed to the people and causes you care about. You may also need to choose a new executor or trustee. Whoever you choose should be someone you trust to carry out these duties responsibly and attentively.

For parents, trusts can be a valuable tool for protecting their children’s futures. A trust ensures your children are provided for the way you want. After a divorce, setting up or updating these trusts becomes even more critical, especially if you’re the primary caregiver.

Change Beneficiary Designations

The individuals you list as beneficiaries on your retirement accounts, life insurance policies, and other financial assets usually take priority over the instructions in your will. This means that even if you update your will, your ex-spouse could still inherit these assets unless you update the beneficiaries on your other financial accounts.

When reviewing these accounts, consider any payable-on-death or transfer-on-death accounts. You can update these designations by contacting the financial institution where the account is held. This step ensures that your financial planning after divorce reflects your new situation.

Review Your Healthcare Directives and Powers of Attorney

Healthcare directives and powers of attorney are essential parts of any estate plan. These documents name individuals who can make financial and medical decisions on your behalf if you become incapacitated. You should revisit these designations if your ex-spouse is listed in these roles.

You might trust your ex enough to know they will respect your wishes and act in your best interest. That’s OK, but Arizona law requires a new POA. You should also inform family members and friends that keeping your former spouse in those roles is intentional. An experienced estate planning attorney can advise on handling power of attorney and advance directive designations after a divorce.

Revisit Guardianship for Minor Children

If you have minor children, addressing guardianship is essential when it comes to estate planning and divorce. In Arizona, the courts generally consider both parents’ rights, but your estate plan can still provide guidance. For example, if something happens to you and your ex-spouse cannot serve as guardian, your plan can outline your preferences for who should step in.

Having these plans clearly documented can ease the burden on your family during an already painful time. The experienced estate planning attorneys at Pennington Law, PLLC can help you create or update guardianship documents as needed.

Check on State Laws That May Impact Your Estate Plan

Estate planning laws vary by state, and Arizona has unique regulations that could affect your plans. For instance, state laws may automatically remove your ex-spouse from certain parts of your estate plan after divorce. While this might seem helpful, relying on these laws alone isn’t enough. There could still be areas where your ex-spouse is named, such as a beneficiary designation on a retirement account, that require direct action to update.

Working with an attorney familiar with Arizona’s estate planning and divorce laws ensures your documents are fully compliant and comprehensive. At Pennington Law, PLLC, we leave no stone unturned when updating estate plans after a change in life circumstances.

Common Mistakes to Avoid When Revising Your Estate Plan

When you begin updating your estate plan following a divorce in Arizona, it’s crucial to ensure that everything is up-to-date. Common mistakes that can lead to unwanted setbacks include:

  • Forgetting to update beneficiaries – Many people don’t realize that beneficiary designations on accounts like life insurance or retirement funds usually override what’s written in your will. For this reason, updating them is critical.
  • Not reviewing all documents – Your estate plan involves more than just your will. It’s essential to review all your estate planning documents, such as trusts, powers of attorney, and healthcare directives, or they might not reflect your current wishes.
  • Delaying updates – Waiting too long to make changes can create unintended problems, like assets ending up with your ex-spouse or leaving your ex in charge of asset distribution. An accident or illness could render you incapacitated at any time, so act quickly to adjust your estate plan.
  • Overlooking assets – Don’t forget smaller or less obvious assets like digital accounts, collectibles, or family heirlooms. You might not want your grandmother’s jewelry going to your ex-spouse anymore.
  • Skipping legal guidance – A comprehensive estate plan usually incorporates several strategies to protect assets, provide for heirs, and ensure important decisions get made by people you trust. Hiring an experienced attorney ensures your updates are completed correctly and comply with Arizona law.

Reasons to Hire the Estate Planning Lawyers at Pennington Law, PLLC

At Pennington Law, PLLC, we understand how important it is to have confidence in the condition of your estate plan. Legal processes can often be confusing, so we focus on clear communication and explaining everything in plain language to keep you informed.

Our comprehensive services cover everything from updating wills to revising trusts and powers of attorney to ensure your estate plan is current and your preferences remain intact. With extensive experience in Arizona estate planning, financial planning, and wealth management, we make recommendations to give you peace of mind and ensure that your affairs are in order.

Call Our Estate Planning Attorneys Now

When life changes happen, your estate plan should, too. Making revisions after divorce secures your future and provides for your loved ones in the way you intend. Don’t wait to make estate plan updates. Call or contact our law firm today to schedule a free consultation.