Divorce is a life-changing experience. Your marital assets and debts will be divided and, if you have children, you will likely share custody. In addition to the many changes your life will endure, it is crucial to revise your estate plan to reflect your current situation. The last thing you want is for your former spouse to inherit your estate simply because you forgot to update it. Continue reading to learn more about revising your estate plan.
How to Update Your Estate Plan
The most effective way to update your will is to revoke your old will and execute a new one. To revoke an old will, you can physically destroy it or state that you are revoking all prior wills when drafting your new one. In addition to ensuring your former spouse does not inherit any assets or property, you can also assign a guardian to minor children you have. However, the court will only follow your choice if your former spouse is deemed unfit.
Much like a will, a new living trust will also have to be created after a divorce. By creating a trust, you can state how and when your children will inherit from your estate, preventing your ex from controlling them. In some situations, it may be necessary to create more than one trust.
If you have a financial power of attorney or a health care power of attorney, you likely assigned your former spouse to these roles. In the aftermath of your divorce, it is essential to revoke these immediately. Otherwise, your ex will be in charge of making important decisions on your behalf while you are incapacitated.
Speak to an Experienced Estate Planning Attorney to Get Started!
If you recently put an end to your marriage, now is the time to start thinking about your new future and updating your estate plan. At Simmons & Associates, our estate planning team can provide the advice and assistance you need to ensure your new estate plan accurately reflects your current needs. Our law firm is committed to helping clients protect their interests, so you can feel confident when you choose to work with us.
Reach out to our legal team today at (405) 591-2284 to request an initial consultation with one of our experienced estate planning attorneys today!