If you have recently finalized your divorce, there are likely a lot of steps on your to-do list. Updating your estate plan is hopefully one of the top priorities on your list. It is important to prioritize your plan for the future during this transitional period. Continue reading to learn what you should update following a divorce and which documents should be revised. Reach out to our experienced estate planning attorney to retain assistance with this revision process. If you have any further questions regarding the estate planning process and the need to update estate planning documents, give our firm a call.
What are the reasons to update your estate plan after a divorce is finalized?
One of the initial reasons someone will update their estate plan after a divorce is because they no longer want their former spouse to be listed as a beneficiary in their estate plan. This is because if one spouse was to pass away without their estate plan being updated, the other would receive their assets. Instead, they may appoint their child as their beneficiary. Another reason to update your estate plan after a divorce is to adjust your jointly-held assets with your former spouse. Finally, you may want to update your estate plan if you have appointed your spouse to make medical decisions or financial decisions on your behalf upon your incapacitation.
Which estate planning documents will I need to update?
The following documents should be updated after your divorce has been finalized: trust agreements, last will and testament, insurance documents, power of attorneys, and advanced healthcare directives. These revisions and updates should be done with the assistance of an experienced estate planning attorney to ensure your assets will be distributed the way you intend them to be.
What can happen if I do not update my estate plan after a divorce?
The following actions might occur if you chose not to update your estate plan after being divorced: your former spouse may be able to make serious health care decisions on your behalf if you are incapacitated, your former spouse may still retain agency in your Health Care Power of Attorney, and your former spouse may receive your assets upon your death.
To gain assistance with the estate planning revision process, give our firm a call today. We would be happy to walk you through the process.
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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.