Posts Tagged ‘divorce planning tips’

Should I Update My Estate Plan If I Am Getting Divorced

Thursday, June 2nd, 2016

It is very important to update and edit your estate plans if you are preparing to get divorced, because without proper revisions, your former spouse may end up inheriting your assets. Moreover, if your ex-spouse gets married again, then their new partner, and any kids they might have can end up inheriting what should have, and could have, been yours.

After the divorce is over, the most recommended way to revise your will is to execute a new one, and cancel or revoke the old one. You can physically destroy the will, or, when you are drafting your new will, all prior wills will be voided. If the will was created prior to the divorce, then any gifts made to your spouse are revoked by the divorce.

You should also create a new living trust once the divorce has been finalized. If kids are involved in the marriage, then you can arrange to make them as your main beneficiaries, in this way your ex-spouse cannot interfere or control the assets.