Divorces are complex and overwhelming. There are various steps and checklists of things that must be taken care of during a divorce and one of the most significant is to update your estate plan. It is important that you update your estate plan after a divorce to ensure that your former spouse does not have any power over your assets or life decisions anymore. If you are going through a divorce or are considering modifying your estate plan, reach out to our experienced Pennsylvania estate planning attorneys to get assistance through this process.
Should I update my estate plan after a divorce in Pennsylvania?
In many cases, a spouse has the authority to administer an estate plan while also being their spouse’s healthcare proxy. Spouses will also likely have joint assets like wills or trusts. After a divorce, it is very typical for a spouse to not want their former spouse to have access to this authority after they are no longer married. This is why it is crucial for an individual to update their estate plan after a divorce to make sure that their assets are no longer in the hands of their former spouse.
It is strongly recommended that you update your estate plan after your divorce to ensure that your assets go to your chosen loved ones, rather than your former spouse. Contact our firm today to get started on your estate plan modification.
What documents should I update in my estate plan?
If you are considering modifying your estate plan after your divorce, it is important to note that you will have to update several documents. Some of these documents include:
- Trust agreements
- Life insurance
- Retirement accounts or plans
- Last will and testament
- Advanced directive
- Power of attorney
If you would like to change your estate plan and would like to gain more information regarding the necessary personal information required to do so, contact our firm today.
What can happen if I do not update my estate plan after my divorce?
If you do not update your estate plan following your divorce, your former spouse will be tied to your finances and assets. This means that your former spouse will still have authority in your life decisions, as well as the ability to inherit your assets.
If you have been divorced and have not updated your estate plan, it is in your best interest to reach out to Friedman Schuman today and speak with one of our legal experts to help you navigate through this process.
CONTACT OUR EXPERIENCED PENNSYLVANIA FIRM
Friedman Schuman is an experienced and dedicated legal resource for clients throughout Pennsylvania. We proudly serve clients facing a wide range of legal matters. If you require the services of an effective attorney, please contact Friedman Schuman today to schedule a consultation.