When a couple gets married, they join their lives together in a number of ways. One of these ways is likely through their estate plans. For example, it is likely that you have left a number of important assets to your spouse. You may have also named your spouse the executor of your will, and put him or her in charge of finances, legal decisions, and healthcare decisions through a power of attorney. So, when it comes to ending a marriage, there is a lot of untangling to do. One of the most important things to do during your divorce is update your estate plans. Read on to learn more.
What Documents Need to be Updated?
When taking the steps to revise an estate plan, it is important to know that there are certain documents that need to be updated. This can include the following:
- Trust agreements
- Life insurance
- Last will and testament
- Advanced directive
- Power of attorney
There may be additional documents that need to be updated, so it is important to speak with an experienced attorney.
You should know that if you do not update your estate plans, you may accidentally leave your ex-spouse in charge of incredibly important aspects of your life. This can lead to litigation and other unintended consequences.
How Often Should I Update My Estate Plan?
It is important to update your estate plan during your divorce. But, you should also update it again once your divorce has been finalized. This is because there are some documents that cannot be changed until after your divorce. You should go over your estate plans again to ensure that all loose ends are tied up. A divorce is not the only reason to update your estate plan. You should be sure to look over your plans every time you experience a major life event. For example, you should update your estate plan in the event of re-marriage, the birth/adoption of a child, after acquiring/losing a major asset, after the death of a loved one, and more. Generally, it is a good rule of thumb to update your plan every 3-5 years.
If you have any questions or concerns about updating your estate plans during and after your divorce, contact our firm today. We understand that this is a difficult time, and we are here to walk you through the process, every step of the way.
Contact our Firm
If you or a loved one needs assistance creating an estate plan and wish to speak with an experienced attorney, contact the Law Office of Andres D. Gil, PLLC today.