From a legal perspective, divorce is an onerous process. From discovery and negotiation to alimony and custody, couples often emerge beleaguered and ready to give the formalities a rest.
That’s understandable. But as The Wall Street Journal points out, there’s at least one more step that recent divorcées need to take: estate planning.
“Oh, I already have a will,” you might say. And maybe you do. But if it was drawn up prior to your divorce, your assets might not be distributed in a way you’d still be happy with.
Newspapers and blogs feature stories every day about children shocked to learn that their just-deceased parent’s estate passed to an ex-spouse from decades back… or even worse, to that ex’s family members (people they’ve probably never even met).
That’s because estate plans don’t automatically update themselves after a divorce. Executors, trustees, personal representatives, guardianship for children — these terms and more may need updating after divorce, lest the exes plan rude awakenings for their heirs.
Wills are just the beginning, too. Healthcare directives, life insurance policies, bank accounts, powers of attorney, and more may also need your attention.
The key is simply staying up to date. Even if you haven’t divorced, it’s an extremely good idea to dust off your estate plans and give them a new polish at least once every few years. Family and the law are both subject to change over time, and your plans should evolve alongside them.
If you need help updating your own documents, the Middlesex County estate planning attorneys at O’Connell Law LLC can help. Give us a call today.
