How Does Divorce Impact an Estate Plan in Minnesota?
Many understandably put their spouse at the center of their estate plans. Divorce is never easy, and no one plans for it. However, you will need to take swift steps to address your change in circumstances. Our team is familiar with the steps that need to be taken with your estate planning after a divorce and can help you avoid common errors and oversights.
Following a divorce, our experienced lawyers can help you:
- Revoke and replace your existing will. Minnesota law will automatically revoke any provision that mentions your spouse once your divorce has been finalized. You should still promptly revoke the entirety of your existing will and formalize a new one with updated beneficiaries.
- Evaluate impacts to your trusts. If you set up a trust before you were married and managed its contents independently from your spouse, it will likely be considered separate property and be spared from property division. Revocable trusts created with your partner or during the marriage will be subject to property division, so its role in your estate plan will almost certainly need reevaluation once the separation is finalized. Irrevocable trusts typically cannot be touched. This does mean that you will not be able to modify any terms that benefit your ex-spouse.
- Review and update life insurance policies and retirement accounts. In addition to updating your will and trust, you will also likely need to make changes to any life insurance policies or retirement accounts that name your spouse as a beneficiary. Some of these changes may be negotiated as part of your divorce proceedings, but you should double-check to ensure that they are removed from any and all additional accounts, including any documents addressing cabin planning.
- Name a new power of attorney. Many name their spouses as their power of attorney. In most circumstances, leaving these designations post-divorce is legal and enforceable, but you will likely wish to update the agents that will act on your behalf should you become incapacitated.
Committed To Keeping Your Estate Plan Current
If you are wondering if you may need to update your estate plan or have not done so for several years, you should consider taking the time to have legal professionals review your documents. Our experienced team of attorneys at Guttman Law can assist you with every facet of updating your estate plan in Minneapolis and can provide the professional and sophisticated guidance that you need to protect your legacy.
Get the peace of mind you deserve. Contact us online or call (612) 324-4055 today!