This article is provided by Sejal Hanaway & Amy Corenswet, Brown Brothers Harriman, AAML Pennsylvania Gold Partner. 

Estate plans should be reviewed once you decide to file for divorce, after settlement agreement is executed, and again after the divorce decree is entered. 

Be mindful of period between separation and entry of divorce decree as many spousal rights will remain intact, and your spouse may not be automatically disqualified as a beneficiary or fiduciary under your Will. It is important to review powers of attorney, healthcare documents, beneficiary designations and testamentary instruments in consultation with an estate planning attorney to avoid estranged spouse still having ability to control major decisions.

1. Review your Will and Revocable Trust:

   • Is your spouse named as the primary beneficiary of your estate?

   • Is your spouse named as executor of personal representative of Trustee?

   • Do you leave specific assets to your spouse or any of their relatives?

   • Is your spouse or any of their relatives named contingent beneficiaries?

   • Are any of your spouse’s relatives named as fiduciaries?

2. Review assets with beneficiary designations that would pass outside of your Will:

   • Retirement accounts

   • Life insurance policies

   • Annuities 

   • Transfer on death accounts

   • Payable on death accounts

3. Review Healthcare Proxies and Financial Powers of Attorney:

   • Is your spouse or any of their relatives named as your agent or successor agent?

4. Coordinate with estate planning counsel:

   • Joint tenancy assets

   • Tenancy by entirety property

   • Community property issues

   • Trust-owned assets

5. Review any irrevocable trusts or other estate tax and wealth transfer strategies:

   • SLATs

   • Gift Trusts

   • QPRTs

   • Family limited partnerships

6. Minor children and guardianship planning:

   • Who do you name as Guardian of your children in the event both parents die while the children are still minors?

   • Will your assets now pass to minor children instead of your spouse?

   • Who are the Trustees who will manage your childrens’ inheritance? 

7. Review your Prenup and/or Post-nup Agreement alongside estate documents:

   • Did you waive elective-share rights?

   • What estate planning obligations do you have to your spouse, and do they have to you?

   • Any Life Insurance requirements?

8. Review any business and corporate documents: 

   • Shareholder agreements, LLC operating agreements, etc. to ensure documents align with intended post-divorce ownership.

9. Coordinate timing of any updates and implementation at the appropriate and allowable time:

   • What can be changed immediately? 

   • What should be changed immediately?

   • What must wait until entry of final divorce decree?

   • What should be incorporated into marital settlement agreement?