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ANN ARBOR, Mich. - Michimich -- Divorce can bring significant changes to a person's family, finances, and future plans. Pear Sperling Eggan & Daniels, P.C. is highlighting the importance of reviewing and updating estate-planning documents after a divorce to ensure they continue to reflect a person's current wishes.
A divorce decree addresses important issues related to the end of a marriage, but it does not necessarily update a person's entire estate plan. Wills, trusts, beneficiary designations, powers of attorney, health care documents, and guardianship preferences may all require separate consideration.
One particularly important area is beneficiary designations. Life insurance policies, retirement accounts, investment accounts, and certain other financial assets may pass according to beneficiary designations rather than the instructions contained in a will. As a result, divorced individuals should review these designations rather than assuming they automatically changed when the divorce was finalized.
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Estate planning can also help divorced parents address how assets intended for their children will be managed. Depending on the family's circumstances, a trust may provide greater control over how and when assets are distributed to children, particularly when they are minors.
Remarriage, additional children, changes in assets, and other significant life events can create additional reasons to revisit an estate plan.
"An estate plan should reflect your current family and financial circumstances," said Sarah Meinhart, estate planning attorney in Ann Arbor. "After a divorce or other major life change, reviewing your estate-planning documents can help ensure your wishes are properly documented."
Pear Sperling Eggan & Daniels, P.C. encourages individuals who have recently divorced or experienced other significant family or financial changes to review their estate-planning documents with an experienced estate planning attorney (https://www.psedlaw.com/learn/more/divorce-doesnt-automatically-update-estate-planning-attorneys-ann-arbor).
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About Pear Sperling Eggan & Daniels, P.C.: Pear Sperling Eggan & Daniels, P.C. is one of the oldest law firms in Washtenaw County, Michigan. Founded in 1948, Pear Sperling has adapted with the ever-changing needs of clients and flourished into a well-respected and successful law firm, trusted by clients, judges and other attorneys. Top Rated Michigan Superlawyers®, AV® rated, and their attorneys are held to the highest rating possible based on peer review. https://www.psedlaw.com
A divorce decree addresses important issues related to the end of a marriage, but it does not necessarily update a person's entire estate plan. Wills, trusts, beneficiary designations, powers of attorney, health care documents, and guardianship preferences may all require separate consideration.
One particularly important area is beneficiary designations. Life insurance policies, retirement accounts, investment accounts, and certain other financial assets may pass according to beneficiary designations rather than the instructions contained in a will. As a result, divorced individuals should review these designations rather than assuming they automatically changed when the divorce was finalized.
More on Michimich.com
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Estate planning can also help divorced parents address how assets intended for their children will be managed. Depending on the family's circumstances, a trust may provide greater control over how and when assets are distributed to children, particularly when they are minors.
Remarriage, additional children, changes in assets, and other significant life events can create additional reasons to revisit an estate plan.
"An estate plan should reflect your current family and financial circumstances," said Sarah Meinhart, estate planning attorney in Ann Arbor. "After a divorce or other major life change, reviewing your estate-planning documents can help ensure your wishes are properly documented."
Pear Sperling Eggan & Daniels, P.C. encourages individuals who have recently divorced or experienced other significant family or financial changes to review their estate-planning documents with an experienced estate planning attorney (https://www.psedlaw.com/learn/more/divorce-doesnt-automatically-update-estate-planning-attorneys-ann-arbor).
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About Pear Sperling Eggan & Daniels, P.C.: Pear Sperling Eggan & Daniels, P.C. is one of the oldest law firms in Washtenaw County, Michigan. Founded in 1948, Pear Sperling has adapted with the ever-changing needs of clients and flourished into a well-respected and successful law firm, trusted by clients, judges and other attorneys. Top Rated Michigan Superlawyers®, AV® rated, and their attorneys are held to the highest rating possible based on peer review. https://www.psedlaw.com
Source: Pear Sperling Eggan & Daniels, P.C.
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