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Should I Update my Estate Plan After a Divorce?

Should I Update my Estate Plan After a Divorce?

When you get a divorce, you are forced to balance the emotional and financial stress of it all. Oftentimes contested divorces focus on such hot-button issues, such as child custody, who gets to keep the house, and more. Because of this, when the litigation process is officially over, people just want to put it all behind them and move on with their lives. Fortunately, when the process is over, you do have a fresh start in life.
However, you should not fail to consider your estate plan, as this is something very often overlooked and overshadowed by the seemingly larger aspects of your divorce. If you do not update your estate plan, it may have drastic consequences in the future, which is why you should do so now, while you still can. If you are ready to revise your estate plan, here are some of the questions you may have:

Why would someone update their estate plan?

There are several reasons why someone would wish to update their estate plan following a divorce. For one, you most likely have your former spouse listed as a beneficiary in your will. This means that he or she will get all or some of your assets upon your passing. However, at this point, you would probably much rather your assets go to a loved one you can trust, such as a child or family member. You may also have jointly-held assets with your former spouse, such as joint living trusts or reciprocal wills that now need adjusting. There is a good chance you appointed your former spouse to make important life decisions should you become incapacitated, which, for obvious reasons, you may now want change.

Which documents will need to be updated after you get a divorce?

When you update your estate plan, several documents may need revisions. For example, advanced health care directives, power of attorney, life insurance, trust agreements, and your last will and testament may all need updating. Contact one of our experienced and compassionate attorneys who are ready and willing to help ensure you have all the important documentation updated properly.

What happens if I do not update my estate plan?

If you fail to update your estate plan, not only will your assets most likely go to your former spouse, but he or she may also become in charge of your medical care, should you one day be unable to do so yourself. This is a frightening thought for many, so please do yourself a favor and strongly consider taking the time to update your plan to better suit your current situation.

Contact our experienced New York firm

The Lauterbach Law Firm is proud to serve clients throughout Rockland County who are faced with legal matters related to estate planning, real estate, foreclosure defense, landlord-tenant law, business law, and criminal defense. If you require the services of an experienced team of attorneys, contact The Lauterbach Law Firm today to schedule a consultation.

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