Why You Should Review an Estate Plan After a Divorce

The end of a marriage can be an emotionally turbulent time for an individual. This may be true even if you saw the end coming long before it actually happened. While you are likely more concerned with putting your life back together after a divorce, it is important to consider its impact on your long-term future. This means scheduling an estate plan review.

Make Changes to Beneficiary Designations

Perhaps the best reason to review your estate plan is that it gives you a chance to change a beneficiary designation. Instead of your spouse getting your home or car, your son or daughter will get those assets. Alternatively, you can choose to leave the assets to a grandchild, sibling, or charity. Putting assets in a trust may be ideal in the event that your children or grandchildren aren’t likely to be old enough to accept them personally upon your death.

Prepare for Your Second Marriage

Changing an estate plan now can prepare you for the possibility of getting married again in the future. As the divorce rate is higher for second marriages than first marriages, you will want to safeguard your property as best as possible. Taking steps to do so today can be especially helpful if you don’t like the idea of prenuptial agreements. Even if you don’t get married again, it is important to reduce the odds of being taken advantage of as you age.

An Attorney Can Work on Your Estate Plan

An estate planning attorney in Las Vegas can help you create or edit plan documents as necessary. This may increase the odds that your legacy is secure after going through a divorce. In fact, creating or reviewing an estate plan with an attorney can reduce the odds of anyone successfully challenging its validity for any reason.