The process of a divorce is complex and overwhelming. There are so many nuances and steps that must be taken, and one of the most important ones is to update your estate plans. It is critical to update your estate plan after a divorce to ensure that your former spouse does not have authority over your assets anymore. Contact our experienced New York estate planning attorneys today to get started on yours.
Why should I update my estate plan after a divorce in New York?
In most cases, a person’s spouse is in charge of handling the administration of the estate plan, while also being the person’s healthcare proxy. Additionally, spouses typically have joint assets like wills or trusts. After a divorce, it is common for a spouse to not want their ex-spouse to have this authority once they are no longer married. This is why it is important for an individual to update their estate plan after a divorce, to ensure that their assets are no longer tied to their ex-spouse.
If you have been through a divorce and have not updated your estate plan, it is in your best interest to do so as soon as possible. Our skilled estate planning attorneys are dedicated to helping our clients through this process.
What documents should I update in my estate plan?
If you are interested in modifying your estate plan after a divorce, it is important to understand that there are several documents that need to be updated. These documents may include, and are not limited to:
- Trust agreements
- Life insurance
- Last will and testament
- Advanced directive
- Power of attorney
If you have questions regarding your documents, do not hesitate to reach out to our firm today to gain clarification and guidance through this process.
What if I do not update my estate plan after my divorce?
If you fail to update your estate plan after your divorce, your former spouse will still be connected to your finances and assets. This means that your former spouse is still in the position to have authority in your life decisions, and can also reap economic benefits from your estate plan. For example, your former spouse can inherit your assets in the event of your passing, rather than your children obtaining your assets. Additionally, if you become incapacitated for any reason, your former spouse may be the one to make life-or-death decisions on your behalf, rather than one of your preferred loved ones.
For the reasons above, this is why it is critical for you to update your estate plan. Contact our experienced estate planning attorneys today to get started. We are here to help you through this process.
Contact our Firm
If you or a loved one needs assistance creating an estate plan and wishes to speak with an experienced attorney, contact the Law Office of Andres D. Gil, PLLC today.