Google | Generative AI
Generated on March 13th, 2025
Divorce significantly impacts estate plans, potentially invalidating provisions naming a former spouse as a beneficiary or executor, so a review and update are crucial.
Here’s a breakdown of how divorce affects your estate plan:
1. Wills:
- Automatic Revocation:
In many jurisdictions, including Ontario, a will is not automatically revoked by a divorce, but it’s treated as if the ex-spouse died immediately before the testator’s death. - Ex-Spouse as Beneficiary or Executor:
If your will names your ex-spouse as a beneficiary or executor, they will likely be treated as if they predeceased you, meaning they won’t inherit or act as executor unless the will specifically addresses the divorce. - Review and Update:
After a divorce, it’s crucial to review and update your will to reflect your current wishes and ensure assets are distributed as intended.
2. Trusts:
- Review and Update:
If you have a trust, review it to ensure it aligns with your current circumstances and that your ex-spouse is not a beneficiary or trustee. - Beneficiary Changes:
You may need to remove your ex-spouse as a beneficiary or trustee and designate new individuals or entities.
3. Other Estate Planning Documents:
- Power of Attorney:
If your ex-spouse is named as your agent in a power of attorney, you should revoke that power of attorney and appoint a new agent. - Beneficiary Designations:
Review beneficiary designations for life insurance policies, retirement accounts, and other assets to ensure they are aligned with your current wishes.
4. Key Considerations:
- Legal Advice:
Seek legal advice from an estate planning lawyer to ensure your estate plan is properly updated and reflects your current intentions. - Financial Planning:
Consider the financial implications of divorce and how it may impact your estate plan. - Regular Review:
Regularly review your estate plan to ensure it remains current and aligned with your goals.
Generative AI is experimental. For legal advice, consult a professional.
Google | Generative AI | Prompt: “how life events impact your estate plan divorce”
