People can create an estate plan at any point in their life. Doing so allows them to prepare for what happens to their assets when they die. When people get married, they often make sure their spouse is included in these plans. This allows them to inherit certain responsibilities as well as their deceased spouses’ assets. However, it is important that the plans are updated if the couples goes through a divorce. When doing so, it can be helpful to retain the services of an experienced attorney to guide you through the process of safeguarding your assets.
Reasons to Update Your Estate Plan
Many people update their estate plan numerous times throughout their life. This may be to add a person to the plan, like a spouse or a child. It can also be to remove a person from the plan, like in situations of divorce.
A person’s estate plan often reflects their marital status. If they are married, their spouse is usually a beneficiary in their plan. This means they can inherit each other’s assets or they may hold assets jointly. Sometimes, spouses are even named as a power of attorney to make important decisions for one another if they cannot do so themselves. Many married couples also have intertwined estate plans.
When a couple goes through a divorce, it is important to update their estate plan as soon as possible. Documents that may need updating can include a last will and testament, trust agreement, life insurance, power of attorney, advanced directive, and more.
What are the Consequences of Not Updating My Plan?
The process of going through a divorce can be complicated and draining for a person. When it is finally over, it is understandable that the individual wants to finally be done with it. However, it is crucial for them to take one last step in updating their estate plan to reflect these changes in their marital status. This is because, generally, people do not want their former spouses to inherit their assets or be in charge of their health and life decisions. By updating an estate plan, a person can protect their assets and ensure their former spouse is not involved in their future plans.
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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.