[{"@context":"https:\/\/schema.org\/","@type":"BlogPosting","@id":"https:\/\/nmichlaw.com\/blog\/why-updating-your-estate-plan-is-important-during-divorce\/#BlogPosting","mainEntityOfPage":"https:\/\/nmichlaw.com\/blog\/why-updating-your-estate-plan-is-important-during-divorce\/","headline":"Why Updating Your Estate Plan Is Important During Divorce","name":"Why Updating Your Estate Plan Is Important During Divorce","description":"If you\u2019re divorcing, updating your estate plan may be the last thing on your mind. Yet, failing to do so can lead to repercussions in the long run. By making crucial changes, you can save your assets from falling into … Continue reading →<\/span><\/a>","datePublished":"2020-05-22","dateModified":"2022-06-21","author":{"@type":"Person","@id":"https:\/\/nmichlaw.com\/blog\/author\/nmichlaw\/#Person","name":"Alward Fisher","url":"https:\/\/nmichlaw.com\/blog\/author\/nmichlaw\/","identifier":10,"image":{"@type":"ImageObject","@id":"https:\/\/secure.gravatar.com\/avatar\/63071aa228c966abd886a2cbb647b07806c39706d3fbac14fe9c4c475edc7457?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/63071aa228c966abd886a2cbb647b07806c39706d3fbac14fe9c4c475edc7457?s=96&d=mm&r=g","height":96,"width":96}},"publisher":{"@type":"Organization","name":"Alward Fisher","logo":{"@type":"ImageObject","@id":"https:\/\/nmichlaw.com\/wp-content\/uploads\/2021\/09\/logo-fisher.png","url":"https:\/\/nmichlaw.com\/wp-content\/uploads\/2021\/09\/logo-fisher.png","width":288,"height":103}},"image":{"@type":"ImageObject","@id":"https:\/\/nmichlaw.com\/wp-content\/uploads\/2021\/10\/feature-home-mobile-1.jpg","url":"https:\/\/nmichlaw.com\/wp-content\/uploads\/2021\/10\/feature-home-mobile-1.jpg","height":"100","width":"100"},"url":"https:\/\/nmichlaw.com\/blog\/why-updating-your-estate-plan-is-important-during-divorce\/","about":["Divorce","Estate Planning"],"wordCount":450,"articleBody":"If you\u2019re divorcing, updating your estate plan may be the last thing on your mind. Yet, failing to do so can lead to repercussions in the long run. By making crucial changes, you can save your assets from falling into your spouse\u2019s hands.Beneficiary designation mattersYou may have named your spouse as the beneficiary of your\u00a0life insurance policy, in case you passed suddenly. Before you can remove them from this role, you must make sure your policy is revocable \u2013 some are not. If you two have children together, you may not want to change its designation right away. Your policy\u2019s payout \u2013 were it ever used \u2013 would ensure your children\u2019s survival. Thus, it may make sense for your spouse to still receive it. In most other cases, make sure to contact your insurance agent to designate a new beneficiary.If you named your spouse as the beneficiary to your investment and retirement accounts, make sure you change these designations as well. Getting divorced does not automatically do so. But you must make these revisions before or after your split. You cannot remove your spouse as beneficiary during divorce proceedings.Update your estate planYou and your spouse may have created an\u00a0estate plan\u00a0during your marriage. Now that you\u2019re divorcing, it\u2019s crucial that you revoke this plan and make one of your own. Yet, you two may not have shared a plan \u2013 or may never have created one. If you have your own estate plan which named your spouse as a beneficiary,\u00a0Michigan law\u00a0allows your divorce to override this designation. But you will want to revise it anyway, so it leaves no ambiguity about who receives your property. And if you named your spouse as your estate\u2019s executor, you will want to update it to remove them from this role.As you prepare for your divorce, it\u2019s crucial to revise your estate plan and change the beneficiaries of your accounts and policies as necessary. Failing to do so could lead your spouse to receive assets that you may want to go elsewhere. An attorney with family law and estate planning experience can help you understand what steps you need to take.About the AuthorLatest PostsAlward FisherAt Alward Fisher, we provide more than savvy legal representation. We provide peace of mind. Peace of mind for your business. Peace of mind for your family. And the peace of mind for your future. No matter what types of legal challenges you are facing, we can help you find solutions.Can Someone with the Power of Attorney Change a Will?Can a Divorce Be Denied in Michigan?What Is the Downside of Collaborative Divorce?"},{"@context":"https:\/\/schema.org\/","@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"Blog","item":"https:\/\/nmichlaw.com\/blog\/#breadcrumbitem"},{"@type":"ListItem","position":2,"name":"Why Updating Your Estate Plan Is Important During Divorce","item":"https:\/\/nmichlaw.com\/blog\/why-updating-your-estate-plan-is-important-during-divorce\/#breadcrumbitem"}]}]