Should you revise your estate plan post divorce?
After a divorce, should you revise your estate plan documents? Simple answer is YES. We understand that when going through a divorce, revising your will and other important estate documents may be the last thing on your mind.
Leaving your estate plan “as is” post-divorce could leave a loophole for your ex-spouse to gain your assets if he or she was the original beneficiary. Here are a few steps to take to ensure your wishes will be carried out in the event of your death or incapacitation.
Revoke Your Old Will
It may be best to toss your old will and begin from scratch. While you can create a will yourself, hiring an attorney is the soundest way to ensure it is done correctly, legally, and honors any obligations you may have to your former spouse, as said in your divorce agreement.
Update Your Beneficiaries
Your will determines who you leave your most valuable assets to, but some assets could have been left outside of your will, and you may want to add things like family heirlooms or other items.
Designate A New Power Of Attorney
Power of Attorney gives whomever you name to act on your behalf if you are incapacitated. This can be two separate people, one for medical decisions and one for financial, or they can be the same person. If you have granted this status to your former spouse, you would want to revoke them and create new documents.
Need to update your estate plans? We can help!
If you are ready and needing to update your estate plan documents, we are ready to assist you. Ashmore & Ashmore Law firm is dedicated to excellence and have 90years of combined experience. Contact us today!