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Updating an estate plan after going through a divorce

| Mar 31, 2021 | Divorce |

The end of a marriage can bring about a variety of changes in life, and addressing the necessary topics could play a vital role in protecting your future. Some possible steps to take after finalizing a divorce could include updating account information, changing your last name or even refinancing a mortgage. 

After experiencing a similar change in life, it could also be in your best interests to consider revisiting your estate planning documents and making the necessary modifications. Updating your plan to reflect the changes could play an integral role in keeping your information in line with your goals for the future. 

Estate planning topics 

While it might not be advisable to make changes to your estate plan during your divorce, doing so after finalizing the process could be vital to protecting your future interests. Some possible topics to address along the way could include: 

  • New preferences: Reviewing information on wills and trusts could prove exceedingly helpful, as your preferences concerning items such as chosen executors and asset distribution may no longer be the same. 
  • Beneficiary information: It could also be in your best interests to revisit your beneficiary designations and make the necessary modifications to reflect your current wishes. 
  • Financial and medical: Addressing financial powers of attorney and health care directives could also be vital at the end of a marriage, as there is a chance your ex-spouse’s name may appear on these documents. 
  • Insurance policies: While addressing life insurance policy information may also be helpful, it could be vital to ensure that any changes you make do not violate the terms of your divorce decree. 
  • The kids: It could also be helpful to address other factors, such as your choices for guardianship, as your wishes on such topics may also be subject to change. 

Gaining a better understanding of Oregon state divorce and estate planning laws could also help provide you with some much-needed insight on your options and the steps to take to safeguard your future. 

Protecting your future 

When facing the end of a marriage, many of the decisions you make during and after the process could have a significant impact on your life. While knowing every vital topic to address during a similar life change may seem an intimidating task, it could also be integral to protecting your future. Taking the necessary steps to safeguard your interests could help place you in a better position to enter the next chapter of your life with confidence and composure. 

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