When couples get divorced, they very often find themselves dealing with the emotional and financial stress that ensues. However, estate plans are very often an overlooked aspect of divorce, though they are entirely linked together. A divorce is a big step, and when you get a divorce, you very often have to compensate financially for a missing paycheck. However, when you undergo a significant financial shift, such as a divorce, you should absolutely consider adjusting your estate plan accordingly as well. While this may seem like a daunting task, fortunately, with the help of an experienced estate planning attorney, it does not have to be. If you would like to learn more about adjusting your estate plan following a divorce, here are some of the questions you may have:
What are the benefits of updating my estate plan after getting a divorce?
First and foremost, when couples are married, they very often leave their spouse as a beneficiary in their will. Therefore, it is only natural that you should prefer your assets are transferred over to a child or someone who is currently more involved in your life than your former spouse. If you fail to update your estate plan, your former spouse may get these assets in the end. Many spouses also possess jointly-held assets, which you may now wish to reconsider.
Which documents should I update after a divorce?
Just some of the documents that may need updating after you have gotten a divorce are as follows:
- Advanced health care directives
- Last will and testament
- Life insurance
- Power of attorney
- Trust agreements
Fortunately, you do not have to go through this process alone. Our firm can compassionately and efficiently help ensure you are revising all the right documents and are doing so correctly.
What happens if I do not update my estate plan following a divorce?
If you do not update your estate plan, as mentioned earlier, your assets may go to an unwanted beneficiary. Even more importantly, however, if you have your former spouse listed as your health care power of attorney, he or she may still possess legal control of serious health care decisions concerning your well-being. This power is far better in the hands of a loved one that you trust and are in constant contact with. Do not let this, or an issue like it, impact your life down the road. Make the decision to update your estate plan with the help of an experienced estate plan attorney today.
Contact our experienced California firm
Working with an experienced estate planning attorney, such as Jaci Feldman of the Woodland Hills, California, Law Office of Yacoba Ann Feldman, will ensure that you are taken care of when you need it most. Contact The Law Offices of Yacoba Ann Feldman to schedule a consultation today.