Finalizing a divorce may be an overwhelming period in your life. However, it is important to prioritize your estate plan during this time to protect your future. Continue reading to learn what you should update following a divorce and which documents will need to be revised. To learn what can happen if you chose not to update your estate plan, read on.
Reach out to our experienced Maryland estate planning attorney today to gain their assistance throughout this process. To learn why this process is so important for your and your future, do not hesitate to reach out to our firm.
Reasons to Update Your Estate Plan After Finalizing Your Divorce
One of the main reasons you will want to update your estate plan after your divorce has been finalized is the fact that you will no longer want your former spouse to be listed as a beneficiary in your estate plan. If one spouse were to pass away without updating their estate plan, this would mean that the other would receive their assets.
One of the first steps individuals will take is to change the beneficiary to someone else such as their child or other trusted relative to receive these assets as opposed to their ex. This is a common practice following a divorce.
You may also want to adjust your jointly-held assets with your former spouse. It is also important that you update your estate plan if you have appointed your spouse to make medical decisions or financial decisions on your behalf upon your incapacitation.
Which estate plan documents will need updating following a divorce?
You should plan to update the following documents after your divorce has been finalized:
- Insurance documents
- Advanced healthcare directives
- Power of attorney
- Trust agreements
- Last will and testament
With the assistance of an experienced estate planning attorney, they will be able to walk you through the revision process. This will ensure your assets are distributed the way you intend.
What can happen if I do not update my estate plan after getting a divorce?
It is possible for the following things to occur if you chose not to update your estate plan after getting a divorce:
- 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
- Your former spouse will get your assets upon death
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.