5 Mistakes to Avoid When Divorcing Over 50

2. Not updating your beneficiaries and estate plan

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Failing to update your beneficiaries and estate plan can result in unintended consequences. For instance, your financial assets and even life insurance policies will still have your ex-spouse designated as the beneficiary. If you pass away, your assets will go to them instead of your intended beneficiaries. It may also result in property ownership confusion, estate tax issues, and other legal challenges. For this reason, you must update your beneficiaries and estate plan unless court orders not to do so.