From the Book: Divorce Amicably
This is a chapter summary from Chapter 6 of Divorce Amicably, a guide to navigating separation with dignity and cooperation.
Chapter 75 Author: Misty Ralston
Misty Ralston’s practice focuses on helping families enhance their lives today and secure their futures tomorrow. Just as she did previously as a tax professional, Misty thrives in guiding her clients through he often confusing and intimidating maze of financial and legal decisions to create estate plans that protect her client’s family and loved ones, and ensure those loved ones know how important they were and how much Misty’s clients thought of them. Misty’s legal expertise includes family protection, wealth preservation, values-based planning, as well as planning strategies for unmarried couples, divorced individuals, and young adults just striking out on their own.
Why Estate Planning Matters After Divorce
Estate planning is more than paperwork—it’s about control, clarity, and protection. Without updates, your ex-spouse may unintentionally remain in charge of your estate or inherit assets you no longer intend for them. A fresh estate plan eliminates ambiguity, ensures your children are secure, and reduces the chance of costly disputes among loved ones.
Key Areas to Address in Post-Divorce Estate Planning
-
Ensure Proper Asset Distribution
Review and update your will or trust to reflect your new reality. Decide whether to remove your ex-spouse as a beneficiary or executor, and consider appointing a trusted relative or friend to manage your estate fairly. -
Protect Your Children
Safeguard your children’s inheritance through trusts, name preferred guardians, and update healthcare and financial directives so your ex no longer has authority over your affairs. Revisit your plan regularly, especially if your children’s needs change. -
Review Beneficiary Designations
Retirement accounts, life insurance policies, and payable-on-death accounts pass directly to named beneficiaries, regardless of what your will says. Make sure these designations reflect your current wishes, not your past marriage. -
Appoint a New Power of Attorney
If your ex-spouse was previously your decision-maker, replace them immediately with someone you trust to handle financial and healthcare decisions. Name successor agents as backups to ensure continuity. -
Plan for Taxes
Divorce changes financial circumstances and potential estate tax obligations. Consult with an estate planning attorney or tax professional to structure your estate plan efficiently and take advantage of exemptions and deductions. -
Avoid Future Disputes
Clear, updated documents help prevent confusion, reduce family conflict, and protect your children’s best interests. By acting now, you spare your loved ones from unnecessary stress later
Protecting Your Future
Estate planning after divorce is not just a legal formality—it’s a vital step in protecting your assets, honoring your wishes, and securing your children’s future. Updating these documents gives you peace of mind, knowing that your legacy will be carried out as you intend.
Taking the Next Step Toward Peace of Mind
Divorce closes one chapter but opens another. Creating or updating your estate plan ensures that your future is protected and your loved ones are cared for according to your wishes. Divorce Amicably can help guide you through the process—order your copy today to take control of your next chapter.
Want to read the full Chapter?
Featuring insights from 40 experienced financial, legal, and mental health professionals across 80 essential topics,