Did you just go through a divorce? I’ve had a few consultations recently with clients who just got divorced. The divorce process left them feeling drained and emotionally exhausted. Some of them had drawn out custody battles. Others had fights over their small businesses. Many thought they were going to have a simple, straight-forward divorce without many issues. In each of their situations, they had signed wills while they were married and were coming to see me to get their estate plan documents updated.
Do I Need To Update My Will?
In short, the answer is yes. If you’ve just been divorced, it’s important to update your estate plan. Especially if you signed your will during your marriage, the provisions may be out of date. Chances are you no longer want your ex-spouse to inherit things from you. Maybe you even had specific bequests for your brother-in-law who now refuses to speak to you after the divorce. Even if there aren’t major changes in store (you still want to leave everything to your children), there may be some codicils that are needed to update information.
When you created your estate plan, you also likely signed some type of health care document as well. Now that you are divorced, do you still want your ex to be making major health decisions for you? What if you have a power of attorney for other matters? Is your ex really the best person to be making those decisions?
The reality is, no matter what documents are in your estate plan, after you’re divorced, it’s a good idea to review your documents with an attorney and make sure they are still appropriate for your post-divorce life.