There are few things more stressful in life than the dissolution of a marriage. Not only is divorce an emotional issue, but it is also a legal and a financial one. Of course, if you are in the middle of a divorce, you most likely have more pressing issues on your mind, however, if you are someone who has recently divorced and are readjusting to the single life, one of the most important things you can do is update your estate plan. Please continue reading and reach out to our experienced Maryland estate planning attorneys to learn more about why this is so vital. Here are some of the questions you may have:
Why do I need to update my estate plan after a divorce?
As a married couple, there is a very good chance that you and your spouse have each other listed as beneficiaries in your estate plan, meaning that if one of you were to pass away, the other would receive the assets. Rather obviously, if you divorce your spouse, you would most likely wish to change that to ensure another party, such as your children or another relative will receive these assets as opposed to your ex. Furthermore, if you have jointly-held assets with your ex, you may wish to adjust them as well. Finally, and perhaps most importantly, you must update your estate plan if you have appointed your spouse to make medical decisions or financial decisions on your behalf upon your incapacitation. Some of the documents that will need updating can include life insurance documents, advanced healthcare directives, powers of attorney, trust agreements, your will, and more. Our firm can help ensure you update all of these documents efficiently and properly to better reflect your current situation.
Unfortunately, all too often, spouses do not update their estate plans after getting divorced, leaving their ex to make critical, life-changing decisions on their behalf, inherit their assets, and more. This is unacceptable. Our firm can make the process quick and easy. If you have any additional questions about updating your estate plan after a divorce, please do not hesitate to give our knowledgeable Montgomery County estate planning attorneys a call today. We have helped countless individuals through the estate planning process over the years, and we know we have what it takes to do the same for you.
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.