Whether you are going through a divorce or the loss of a spouse, there are practical considerations for newly single Maryland residents, including estate planning. It’s crucial to revise your estate plan to reflect this significant life change.
Update your will
If you had a will in place before becoming single, it’s important to update it as soon as possible. You’ll want to remove your former spouse’s name from your will and update your beneficiaries to reflect your new circumstances. You’ll also want to name a new executor or personal representative if applicable.
Update your trusts
If you have created a trust, you’ll need to update it as well. You’ll want to remove your former spouse’s name as a beneficiary or trustee and make any other necessary changes to reflect your new circumstances.
Review your power of attorney and healthcare directives
Your power of attorney and healthcare directives may have named your former spouse as your agent or decision-maker. It’s important to update these documents by naming a new agent or decision-maker, such as a trusted family member or friend.
Consider life insurance
If you have life insurance, you may have named your former spouse as the beneficiary. In this case, you will have to update your beneficiary designation to reflect your new circumstances.
Review your retirement accounts and other assets
When newly single, you should review all your retirement accounts and other assets to ensure that your beneficiary designations are up to date. If there are any changes in your assets, it will necessitate you to update your estate plan.
Consider a new estate plan
If you haven’t already put together an estate plan, becoming single may be an opportunity to create one. Creating an estate plan can help guarantee that your loved ones will be taken care of after you pass away.
Planning for the future when newly single
Going through a divorce or the loss of a spouse is a crossroads in a person’s life. However, in this challenging time, it’s essential to revise your estate plan as soon as possible to reflect your new circumstances. By being proactive about your future, you can help make sure that your wishes are followed.