No couple imagines getting a divorce at the time of their marriage. However, if you were in a contested divorce that went through the litigation process, you know how stressful it can be. Not only is it an emotionally taxing endeavor, but it can also be a financially cumbersome one. This is why most spouses just wish to put the whole process behind them once their divorce is finalized. While this is completely understandable, many people forget to tie all their loose ends before doing so. Updating your estate plan is a perfect example. Though many spouses do not consider it, not updating your estate plan following a divorce can have very serious implications. If you wish to learn more, please read on.
Why Would I Revise My Estate Plan?
Most couples list each other as a beneficiary in their will. However, when you get a divorce, you would most likely rather your assets go to a trusted loved one, such as your child or relative. You may also have shared assets with your spouse, such as joint living trusts or reciprocal wills. These are all things you must consider when revising your estate plan.
What Documents Will Need to Be Revised when Updating My Estate Plan?
Some of the many documents that may need updating can range from trust agreements, advanced health care directives, life insurance, power of attorney, your last will and testament, and more. Reaching out to an experienced and compassionate firm that knows the ins and outs of keeping a tidy and efficient estate plan can help you attain the peace of mind you need.
What Are the Consequences of Not Updating Your Estate Plan After a Divorce?
One of the scariest consequences of failing to update your estate plan is that your former spouse may still be in charge of major life decisions if you should become incapacitated. If he or she still retains agency in your health care power of attorney, he or she may make crucial health care decisions on your behalf. Additionally, as mentioned before, if you do not update your estate plan, your former spouse may inherit all or some of your assets at the time of your death. Fortunately, you can avoid all this by getting in touch with our firm so we can guide you through the process of updating your estate plan.
Contact Our Experienced New Jersey Firm
Juan C. Velasco, Esq. is a trusted attorney who concentrates on bankruptcy, family law, real estate, and estate matters who has been serving the New Jersey area for over 25 years. If you need experienced legal counsel, please contact Velasco Law Office and we will be happy to assist you.