When going through something as stressful as a divorce, there are certain things you may overlook. For instance, estate planning is one of the aspects of the separation that you only think of when it gets finalized. Whether you choose an out-of-court settlement or opt for the courts, you will have to change your final will. Here're ways in which the separation affects a will and how an estate planning lawyer can help you manage the issue.
Do You Understand Restrictions on the Things You Can Change?
The law gives restrictions on what you can and cannot alter in your will and other estate planning documents. For example, you cannot change the names of the asset titles or beneficiaries before agreeing with your spouses. Restrictions ensure that one party does not harass the other or take advantage of the wealth that they acquired jointly. Also, if you want to revoke a trust during a divorce, the law demands that you get a written agreement from your spouse.
Who Is In Your Will As Your Estate's Beneficiary?
After the divorce, the beneficiary designation on your will might change. For example, if you were married for several years, you probably listed your partner as your estate's beneficiary. However, when you dissolve the marriage, it is not usually sensible to keep the person as a beneficiary. In addition to changing the estate beneficiaries, you should speak to your estate planning attorney about other aspects of the will that need adjusting. Remember that the divorce cancels almost everything except the employee retirement securities act. Your partner continues being a beneficiary of your retirement scheme until you change the designation.
Have You Followed Up On the Court Orders?
Most people rely on court orders to alter their beneficiaries and other arrangements after the divorce. Unfortunately, some spouses use the bank and other agents to collect benefits long after the divorce. You can avoid losing money this way by ensuring that you amend the arrangements immediately after the divorce. Instruct your estate planning lawyer to assess all the standing orders and manually cancel those that no longer apply after your marriage ends.
It is crucial to partner with an estate lawyer to adjust your estate plan whenever a need arises. They will ensure that your will reflects all the changes in your life. They also protect you from situations that could complicate the administration of your estate when you're gone.
Visit a general attorney's website—such as https://www.wolfleylawoffice.com/—to find more information on the estate planning regarding your divorce.