Sometimes, life changes in significant and unexpected ways, whether a loved one passes away or a child moves out of the home and starts a family. These changes can have a major impact on people from an emotional standpoint, but may also have financial effects, such as prompting a person to review their estate plan and possibly make changes. For example, someone who splits up with their spouse may need to go over their estate plan and make a number of modifications.
It is important to bear in mind that just because you split up with your spouse, this does not mean that your will or elements of your will which include your marital partner are invalid after you have divorced. In order to do so, you will need to make changes to your estate plan. Often, people decide to revise their estate plan because they no longer want their marital partner to receive assets after they pass away. Instead, people may wish to leave certain assets with a new partner or with their children. Sometimes, people may even decide to create a new will or trust altogether.
Handling estate matters following a divorce can be tough, especially since the divorce process can be stressful, complicated, and emotionally charged. However, it is critical to set aside the time and energy required to handle these issues and ensure that your estate is distributed according to your wishes.
Follow the link to our estate planning section if you are interested in going over more on estate-related topics.