When you get a divorce, there are likely many things you’ll need to consider, from child custody to alimony payments. However, updating your estate plan after your divorce should be at the top of your priority list. Unfortunately, many don’t take the necessary steps to remedy these situations, which can complicate legal matters. If you’re going through a divorce, you’ll want to keep reading to discover why and how you need to change your will and any other estate planning documents you’ve set up with the help of a Washtenaw County estate planning attorney.
Why Should I Change My Estate Plan After a Divorce?
If you are going through a divorce, it’s crucial to ensure you update your estate plan as soon as possible. Failure to do so can create confusion and stress for the executor, and beneficiaries may not receive the assets they are entitled to.
For example, if your divorce agreement promises your ex a lump sum of money upon your passing, and this is not included in your will, it can cause significant issues, as your ex can sue your estate. As such, it’s essential to ensure you do everything possible to ensure your estate can be distributed as intended.
What Should I Update?
The most clear document you’ll want to update is your will. If you left your spouse a significant number of assets, you likely do not want them to receive these funds or property. In this case, you’ll want to rewrite your will. Unfortunately, simply adding codicils can create confusion, so it’s in your best interest to create a new one.
Something else you should consider is changing your power of attorney documents. Unfortunately, this is something that many people forget to do, leaving their ex-spouse in control of financial decisions and their medical care. Michigan law automatically revokes financial power of attorney when a divorce is pending unless the initial document says otherwise. Regardless, it’s vital to bring your powers of attorney to a lawyer for further review and update these documents if your spouse was listed.
How Can an Attorney Help?
When you want to update or rewrite your will, it’s essential to contact an experienced attorney as soon as possible. Unfortunately, divorce is complex enough without considering the implications it can have on your estate plan. As such, letting a lawyer help is vital to focus on the other considerations you must make during this time.
If you’re going through this challenging time, Collis, Griffor & Hendra can help. Our dedicated legal team has the experience you need to help you reassess your estate plan to ensure it reflects your values and wishes to help provide peace of mind for the future. Contact us today to learn more about how we can assist you.