Give Your Ex Everything!? Updating Estate Planning Docs After Divorce
It's done. The dust has settled, the judge has entered a Final Judgment and you are now divorced and ready to move on with your life. The bank accounts have been split, you have a time-sharing arrangement with your children, and everything is "finished". The last thing you want to do is run back to an attorney. However, it is one of the first things which you should do. Why? Because if you have estate planning documents such as a Last Will and Testament or Power of Attorney, Designation Healthcare Surrogate, or other planning document, it likely names your ex-spouse as the person to inherit or make decisions for you! These documents must be updated and should be done so as soon as possible.
It is true that a properly crafted Marital Settlement Agreements will specifically state that neither party may make decisions or inherit under the other person's will. However, what happens then? Your loved ones will find themselves in court trying to get a judge to decide what you really wanted. It creates a large amount of stress, headache, and trouble for the loved ones you leave behind. No one wants that. They'll have enough to deal with, without having to sort through the problems created by not updating your estate planning documents.
When you get divorced - there is a sense of relief that the process is over and both of you can begin to move on. Just make sure that you do not leave a mess for your loved ones to clean up should something ever happen to you.
If you don’t have these documents, would like to get them changed, or would like to learn more, please contact us, to set up a consultation.
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