In this episode of Divorce Not Murder, hosts Kristina Ivy and Idaho divorce attorney Robert J. Taylor discuss the critical aspects of estate planning following a divorce. They explore the importance of wills, guardianship for children, the implications of dying without a will, and the complexities introduced by blended families.
This episode emphasizes the need for updated beneficiary designations in life insurance and the establishment of trusts for minor beneficiaries. The hosts also emphasize the importance of tailoring estate plans to individual family dynamics and the necessity of proactive planning to avoid future complications.
Listen to this episode on Spotify.
Do you need to adjust your will after your divorce?
Yes, you need to update your will or other estate planning documents after a divorce. Most couples list each other as their personal representative, trustee, and/or beneficiary, so it makes sense to appoint someone else to do these important tasks following the end of your marriage. In addition, you will likely want to leave property to your children, who will now need a trustee to be appointed following your untimely death.
What other documents should you update following your divorce?
In addition to updating your will following your divorce, you will also need to update any life insurance policies and beneficiaries listed under retirement and bank accounts. These institutions will distribute any money owed following your death to whomever you have listed as your beneficiary. It won’t matter if you are divorced or have someone else listed in your will. Neither of these things will likely impact how the account administrator will distribute the funds following your death. After your divorce, you’ll want to update each account individually. You’ll also want to update any bank or credit card accounts, any utilities, and any other joint accounts you shared with your spouse.
What are the advantages of having a will for a blended family?
There are many benefits to having a will and/or trust if you have a blended family. You may wish to treat your stepchildren as your natural children in the event of your death. Or if you are marrying your fourth spouse at the age of 72, you may prefer to transfer the house you’ve owned for the past 50 years to your children upon your death. Proper estate planning can assist blended families in multiple ways.
