Divorce reshapes your life, and amidst the adjustments, one task stands out as non-negotiable: updating your estate plan. Do you want your ex-spouse controlling your assets, making medical decisions, or managing your financial affairs if the unexpected happens? At Frangos Legal, LLC, our experienced family law attorney, Cindy Kenworthy, with over 35 years of practice, helps clients across Indiana protect their legacy post-divorce. Here’s why revising your estate plan is essential and how we can guide you through the process.
Update Your Will and Living Trust
Your will and living trust were likely created with your former spouse in mind. In Indiana, divorce may automatically revoke an ex-spouse’s inheritance under certain conditions (Ind. Code § 29-1-5-8), but relying on default laws risks leaving your wishes unclear. A new will ensures your assets go to the people you choose, such as children or other loved ones. If you have a living trust, revise it to reflect your post-divorce intentions, controlling who receives your assets and when. Frangos Legal, serving clients statewide, can help align your estate plan with your divorce settlement, including property division terms (Ind. Code § 31-15-7-5).
Review Beneficiary Designations
Assets like life insurance, retirement accounts (e.g., 401(k)s, IRAs), and bank accounts pass directly to named beneficiaries, bypassing your will. If your ex-spouse is still listed, they could inherit these assets. Updating beneficiary designations is straightforward—contact your financial institution or employer to make changes. Be sure to review your divorce agreement, as Indiana law may require maintaining an ex-spouse as a beneficiary for specific obligations, such as child support (Ind. Code § 31-16-6-1). Cindy Kenworthy’s expertise ensures your designations match your goals, protecting your assets across Indiana.
Reassign Power of Attorney and Health Care Directives
Would you trust your ex-spouse to manage your finances or make medical decisions if you’re incapacitated? If not, revoke any existing powers of attorney naming them. In Indiana, a financial power of attorney allows someone to handle your money and assets if you’re unable to (Ind. Code § 30-5-5-2). Replace your ex with a trusted friend, family member, or advisor. Similarly, update your health care directive to name a new proxy who will honor your medical wishes. Frangos Legal helps clients statewide ensure these critical roles reflect their current priorities.
Examine Life Insurance and Property Ownership
Divorce often impacts life insurance and property arrangements. Review your life insurance policies to confirm beneficiary designations and check for any obligations tied to spousal or child support (Ind. Code § 31-16-6-1). For properties co-owned with your ex, such as homes or investment accounts, verify that titles reflect the divorce settlement’s terms. Proper ownership is key for future sales, refinancing, or passing assets to heirs. Our team at Frangos Legal guides clients through Indiana’s property division laws (Ind. Code § 31-15-7-5) to secure your assets post-divorce.
Regularly Revisit Your Estate Plan
Updating your estate plan after divorce isn’t a one-time task. Life evolves—new relationships, career changes, or growing families can shift your priorities. In Indiana, guardianship designations for minor children (Ind. Code § 29-3-5-1) or asset distributions may need adjustments as circumstances change. Review your plan every 3–5 years or after major life events to keep it current. Frangos Legal provides ongoing support to clients across Indiana, ensuring your estate plan evolves with you.
Protect Your Future with Confidence
Updating your estate plan after divorce is about reclaiming control and safeguarding your loved ones. With a revised plan, you can move forward knowing your legacy is secure. At Frangos Legal, LLC, located at 244 N. College Ave., Indianapolis, IN 46202, Cindy Kenworthy offers expert, compassionate guidance for clients throughout Indiana. Contact us today at [email protected] or 317-643-1345 to schedule a consultation and take charge of your future.