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  5. If you are recently divorced, consider reviewing your estate plan

If you are recently divorced, consider reviewing your estate plan

On Behalf of Ed Shaw Law | Feb 13, 2019 | Estate Planning |

As a general rule, you should review your estate plan periodically and make changes as necessary. You should be especially sure to update your plan after major life events, such as the birth of a child, purchase of a home, death of a loved one or even a divorce.

In Minnesota, divorce should remove your ex-spouse from some estate planning documents. However, it may be prudent to go through all your estate planning documents with a professional to make sure your ex is removed in all possible places and someone new is selected instead.

Select new beneficiaries

It is important you reevaluate your assets, which may have changed in the divorce, and who you would like to have them after you die. This can mean revoking an existing will and replacing it with an updated one. It can also mean assigning a new beneficiary to accounts like stocks, bank accounts, retirement accounts, payable-on-death accounts and life insurance.

Name others to take control

If you listed your ex-spouse as the executor of your will, you may need to select someone else for that responsibility. It may also be beneficial to consider who will manage your financial affairs and medical decisions if you become incapacitated. Updates may need to be made to power of attorney documents or health care directives.

Considerations for minor children

If you have minor children, a trust may now be a more appropriate way than a will to pass on your possessions because it can allow you to have more control over the time they receive the assets and what the assets can be used for. You can also appoint a guardian for your children in case you die unexpectedly and something prevents their other parent from becoming their guardian.

If you have been recently divorced, there are several changes you should consider making to your estate plan. An estate plan that no longer reflects your needs or wishes can cause your family significant time, money and emotional turmoil if they must dispute documents in court. By updating your estate plan, you can make your wishes clear and prevent many of the complications that could otherwise happen.

Why do different states have different laws?

by Edward Shaw | Jun 30, 2025 | General Law

I get asked the question all of the time, why are the laws different in each state, and, why do people need to get different lawyers when they have legal issues in other states. The answer goes back to the founding of our country, we have always had a federal system,...

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Will I lose everything in Chapter 7 bankruptcy? 

On Behalf of Ed Shaw Law | Jun 5, 2025 | Bankruptcy

Chapter 7 bankruptcy helps erase debts when you cannot pay them and give you a fresh financial start. However, many people think of bankruptcy as losing everything. Fortunately, Minnesota laws protect essential assets.  Confidence comes from knowing your rights—learn...

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What is the difference between legal and physical custody?

On Behalf of Ed Shaw Law | Apr 23, 2025 | Family Law

If you're going through a custody issue in Minnesota, it's important to understand the difference between legal and physical custody. These terms may sound similar, but they each play a different role in your child's life. Understanding legal custody Legal custody...

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JAIL PHONES

by Edward Shaw | Apr 4, 2025 | Criminal Defense

Many of you have seen movies involving phone calls from a jail or prison, maybe some of you have gotten calls from a jail or prison.  If you have, you may be familiar with the message that often plays 'This call is from a correctional institution and may be...

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EXPERT WITNESSES

On Behalf of Ed Shaw Law | Mar 27, 2025 | Firm News

Most people outside of the legal system have never heard of expert witnesses, a critical part of the legal system.  Unlike regular witnesses, who can testify about what they observed or heard, experts can offer opinions.  Experts are used to explain a variety of...

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Contracts for Deed

by Edward Shaw | Mar 12, 2025 | Business Law

They are an alternative method of financing the purchase and sale of property.  Instead of the buyer getting a bank loan, payments are made to the seller.  The arrangement has its advantages, by taking payments over time a seller can in some cases save on taxes. ...

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WHEN DO YOUR RIGHTS HAVE TO BE READ TO YOU

by Edward Shaw | Jan 31, 2025 | General Law

I have written on this topic before, but, because it is a source of a lot of misunderstanding among the general public, it needs more attention. Police shows for decades have shown people being arrested and read the Miranda warning, 'their rights', you have the right...

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When can you sue someone for something they say?

by Edward Shaw | Jan 24, 2025 | Civil Law, General Law

Free speech is a cornerstone of our society, for good reasons.  A democracy depends on people being able to express their opinions about anybody, and anything.  Even the richest and most powerful in society can be criticized by any citizen in a free society. Like all...

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MONEY AND DIVORCE

On Behalf of Ed Shaw Law | Jan 13, 2025 | Firm News

When divorces are tough there are usually issues with money.  The rules on dividing assets, money, real estate, vehicles, anything of value, are simple, it is generally divided equally, regardless of who earned it, or whose name is on it.  The exception is...

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Tips for co-parents to keep the holiday season peaceful and joyous

On Behalf of Ed Shaw Law | Dec 6, 2024 | Custody

Co-parenting presents challenges throughout the year, but the holiday season can amplify these difficulties, even for those who maintain a cordial relationship with their former spouse. From Thanksgiving through the end of the year, the added stress of coordinating...

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  • Why do different states have different laws?
  • Will I lose everything in Chapter 7 bankruptcy? 
  • What is the difference between legal and physical custody?
  • JAIL PHONES
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