What changes automatically
In most states, divorce automatically revokes provisions in your will that benefit your former spouse. It does not, however, change beneficiary designations on retirement accounts, life insurance, or transfer-on-death accounts. Those you have to update yourself.
The checklist
Update your will. Update beneficiary designations on every retirement account, every life insurance policy, and every payable-on-death bank account. Update your healthcare power of attorney and your durable financial power of attorney. Review the guardianship designation for any minor children.
When to call an attorney
If you have minor children, a business interest, real estate in more than one state, or assets above the federal estate tax threshold, work with an estate planning attorney. The cost of getting this wrong is far higher than the cost of getting it right.
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