Many people create an estate plan at some point throughout their life to prepare for what will happen to their assets in the event of their death. Sometimes, they are created or updated during a marriage. This allows an individual to include their spouse in their plans for their death. However, it is important that these plans are updated if the couple decides to divorce. When updating an estate plan, it can be beneficial to contact an experienced attorney to guide you through the process to ensure your assets are safe.
Reasons to Update Your Estate Plan
There are a variety of reasons why a person may want to update their estate plan at any point throughout their life. This can include adding a person to the plan in cases of marriage or having children. An update may also be necessary to remove a person from the plan, such as in situations of divorce.
Often times, a couple’s estate plan reflects their marital status. A person’s spouse is usually a beneficiary within their estate plan, meaning that they can inherit these assets in the event of the person’s death. In addition to this, some spouses may hold assets jointly. Or, a spouse may be named as a power of attorney to make important decisions for their partner in the event they cannot do so themselves. There are also many cases in which a married couple has an intertwined estate plan.
When a divorce happens, it is important to update an estate plan to reflect this change as soon as possible. Documents that may need to be updated may be a last will and testament, trust agreement, life insurance, power of attorney, advanced directive, and more.
What are the Consequences of Not Updating My Plan?
After a person goes through a divorce, they usually do not want their former spouse to inherit any of their assets. They also most likely do not want the individual to be in charge of their important health decisions or life insurance policy. While the process of going through a divorce is often difficult and emotionally exhausting, it is important to take the next step and update your estate plan once the divorce is final. Doing so ensures the former spouse is relieved of any duties they may have been appointed to in the plan as well as protects the individual’s assets from ending up in the wrong hands.
Contact our Firm
Zimmet Law Group, P.C. is an experienced team of attorneys guiding clients through matters of estate planning and administration, divorce and family law, real estate, commercial litigation, business law, bankruptcy, and landlord-tenant law. If you require the services of an effective New York City attorney, contact our firm today to schedule a consultation.