A divorce doesn’t only affect your present-day life. It also certainly impacts your plans for the future including your estate plan. If you prepared a will while you were married, you perhaps left money and possessions to your spouse.
After divorce, you probably don’t want your ex running the show or running off with your money. However, if you don’t revise your estate planning documents, that’s exactly what could happen
In such a situation, consulting a renowned estate planning attorney of a well-known estate planning law firm would be really beneficial.
Elizabeth Durkin, an established Attorney NJ can provide all the important information and rightfully guide you through The Estate Planning Process.
Here are some essential documents that may be due for an update in light of your divorce as suggested by Estate Planning Attorney:-
Powers of Attorney
If you have a will, you probably would have signed these documents:-
A durable general power of attorney appointing someone to take over your legal and financial affairs if you are no longer able to manage them and a healthcare power of attorney naming an individual to make medical decisions.
It is possible that your state’s laws may permit you to create a new will and other estate planning documents during the divorce process, or you may have to wait until the divorce is final.
There are various reasons to draft a new will or create a will for the first time after a divorce as mentioned by Estate Planning Law Firm Attorney.
If you created your will while you were married, your state may ignore the part of the will where you left money and property to your ex. However, it’s risky to rely on this. If in case your will also leave things to your in-laws, those clauses will stand.
To revise your will, you will require to revoke your old one and have a new one drawn up. You should never try to change a will by crossing things out and writing in the margins.
In case you have established a revocable living trust for yourself or a trust for your children, it’s important to revisit these documents in light of your divorce. There are couples who set up joint trusts, or they name each other as trustees who will oversee the assets in the trust after one spouse’s passing. Your ex may be a beneficiary of your trust as well. This infers that if you do not revise your trust, your ex could end up with your assets.
Divorce modifies your relationship with your ex and your former in-laws. But, it doesn’t automatically change your estate plan. To avoid unintended results in the future, it is essential that you must take the time to revise your powers of attorney, will, trusts, and beneficiary designations to align with your new life.