One of the most important things you can do to protect your future after a divorce is to update your estate plan. Continue reading to discover why you should update your estate plan after divorce, which documents will need updating, and what will happen if you choose not to update your estate plan. Reach out to our experienced Maryland estate planning attorney to discuss your situation and ask any questions about the revision process. Do not hesitate to reach out to our firm to learn more about why this process is so important for you and your future.
Why do I need to update my estate plan after a divorce?
There is a good chance that following your divorce, you no longer want your former spouse to be listed as a beneficiary in your estate plan. If you do not update your estate plan after your divorce, and one of you were to pass away, the other would receive the assets. The most common process to take following a divorce to resolve this problem is to change the beneficiary to someone else such as your children or other relative to receive these assets as opposed to your ex. You may also want to adjust your jointly-held assets with your former spouse. If you have appointed your spouse to make medical decisions or financial decisions on your behalf upon your incapacitation, you must update your estate plan.
Which estate plan documents will need updating following a divorce?
Some of the documents you will need to update include the following:
- Insurance documents
- Advanced healthcare directives
- Power of attorney
- Trust agreements
- Last will and testament
An experienced estate planning attorney will be able to walk you through the revision process to ensure your assets are distributed the way you intend. Our firm can ensure that each of these updates will better reflect your current situation after your divorce.
What will happen if I do not update my estate plan after getting a divorce?
Some of the things you want to avoid from happening if you chose not to update your estate plan after getting a divorce are as follows:
- Your former spouse will get your assets upon death
- Your former spouse may still retain agency in your Health Care Power of Attorney
- They will be able to make serious health care decisions on your behalf if you are incapacitated
Do not hesitate to reach out to our firm to begin the revision process today to update the terms of your estate to better reflect your current situation.
Contact our experienced Montgomery County, Maryland firm
The attorneys at JD Katz have years of experience compassionately guiding clients in Maryland through the estate planning and administration process. Our firm also has experience with matters of elder law, business law, tax law, and litigation. For a legal team that will put your needs first, contact JD Katz today.