How Should I Update My Estate Plan After Divorce?

Divorce does more than change the parenting time you have with your children, the property and assets you get to keep in your possession, etc. That is, while you may not think about it in the moment, getting an official divorce decree may also alter how New York State law treats your existing estate plan. Simply put, some parts of your Last Will and Testament document may be rewritten reflexively, while other provisions may need your personal intervention to better reflect your new life, finances, parenting wishes, and more. With all that being said, please continue reading to learn the measures to update your estate plan after your divorce is finalized and how an experienced Putnam County wills attorney at the Law Office of Andres D. Gil, PLLC, can help facilitate this process.

What is automatically changed in my will after my divorce?

You may feel relieved when discovering that New York State law automatically removes your now-former spouse from consideration in your Last Will and Testament document, to a certain extent. That is, for the sake of simplicity, the law may treat your former spouse as though they have predeceased you. This means they are now ineligible to receive their once-promised share of your estate. Instead, their inheritance may be passed down to your subsequently-named beneficiary, which will most likely result in an equal split amongst your surviving children.

Along with their beneficiary designation, your former spouse may be immediately stripped of their powers connected to most of your estate planning documents post-divorce. Namely, state law will have them step down from their role as executor of your will document and trustee of your living trusts. The Surrogate’s Court may then reassign this to a subsequently-named individual found in your legal documents, but if none exists, they may refer to statutory priority rules to make this decision.

What do I need to update in my estate plan after my divorce?

You must not mistakenly assume that an automatic revocation of your now-former spouse’s beneficiary, executor, and trustee rights is enough protection for your estate plan. In reality, there are likely crucial components of your estate plan that are not directly handled by your Last Will and Testament document and thereby the New York State Surrogate’s Court. To name a few examples, you may have named your former spouse as the primary beneficiary of your life insurance policy, retirement account(s), and transfer-on-death account(s).

In addition, you may need to update your powers of attorney and healthcare proxy. This is because you cannot assume that a financial institution or healthcare provider will automatically refuse to honor these established documents, even with the existence of an official divorce decree. Even if they do, you will need to provide guidance on who should be making your financial and medical decisions on your behalf instead.

To conclude, please prioritize scheduling an initial consultation with a skilled estate planning attorney in Putnam County, from the Law Office of Andres D. Gil, PLLC. We would be honored to represent you in your legal case.