If you are Divorced, update your Estate Plan today!

If you are Divorced, update your Estate Plan today!

In the aftermath of a divorce, updating your estate plan may not be at the forefront of your mind. You may still be distraught and emotionally and/or physically exhausted. However, many clients don’t realize what could result if they don’t update their current estate plan in the face of a divorce. In the event of a post-divorce unanticipated death, your assets could end up being distributed to your ex-spouse. Exactly what you don’t want to have happen. The first and most important step one should take to avoid this outcome is to revoke one’s current will or trust and write a new one that excludes your ex-spouse. Because most of us, when we are happy and in love leave everything to our spouses upon our deaths, in the event of a divorce, you will most likely want the result to be different. Once your divorce has been finalized, or even if you are in the process of a divorce, you need to update your estate plan as soon as possible to make the desired changes in light of the resulting divorce. You should also think about who you now want making your decisions for you in the event your physician deems you to be disabled or incapacitated for some reason. Your ex-spouse may no longer be the person who you want making your decisions for you, but is probably still listed as your decision maker for healthcare and/or financial decisions. Some people may still trust the ex-spouse to be making those decisions for them, however, that is the exception, not the rule. In my experience, most clients want the...