When you decide to get divorced, there may be many different details you forget to address in a timely manner. After all, divorce can be a big, costly, and intense process that understandably might consume the majority of your time. Still, there are certain things you should consider addressing before it is too late, such as updating your estate plan. It is vital to review your estate plan after a divorce. A Missouri estate planning lawyer can help you.
Why Should You Update Your Estate Plan After Divorce?
If you were in a long-term marriage that ended in a divorce, there is a chance that you and your former spouse developed an estate plan together. Many couples develop their own estate plan, as most couples do not expect their marriage to end in a divorce. While Missouri state law may automatically prevent your former spouse from inheriting your assets from a will, the law does not do the same for any trusts that they may be a part of.
If you want to ensure that your former spouse does not inherit anything from your trust, you need to update your estate plan and any related financial documents that might include your former spouse. An experienced estate planning lawyer can help you sort through everything that might be relevant while you focus on other details related to the divorce, such as helping your children cope with the new normal or continuing to untangle your finances.
What You Should Consider Changing
An estate plan contains many different elements, and not all of them are automatically updated when you get divorced. It is largely up to you to look into these elements and change them with the help of an experienced estate planning lawyer. This may be easier said than done, and you should consider looking into it sooner rather than later to prevent any future issues. Here are some of the elements of your estate plan you should consider changing after a divorce:
- Last Will and Testament: Generally, your former spouse will be automatically removed from any inheritance once you are divorced in Missouri. However, it doesn’t hurt to double-check your will and make sure that the right people are set to inherit your estate. If you notice any discrepancies, you can address them promptly and have them corrected.
- Trust: A trust is a legally enforced arrangement where you entrust one person with the power to manage asset distribution for a third party. In many cases, a married person who establishes a trust may put their spouse as the trustee, and this may not change automatically upon divorce. To ensure the future beneficiary will receive your intended assets, you should consider removing your ex-spouse as the trustee.
- Power of Attorney: One of the most important things to reconsider is allowing your former spouse to have power of attorney over your finances or your medical needs in the event that something were to happen to you. The last thing you want is for your financial or medical future to be in the hands of somebody you may no longer trust.
- Life Insurance: It is up to you to decide how much you want your former spouse to receive in the event of your death. If you fail to update the intended beneficiary of your life insurance policy, your former spouse could end up benefiting from your policy, even if you did not want them to. Updating your life insurance can be simple and often just requires a new beneficiary form from your insurance carrier.
FAQs
Q: Do I Need a Lawyer to Update My Estate Plan?
A: Technically, you do not need to hire a lawyer to update your estate plan. Sometimes, depending on the update you wish to make, you may just need to get a standardized document from the right people. Still, it is recommended that you retain legal counsel whenever you are dealing with any sort of legal issue. Having someone by your side who understands the complexities of estate planning can benefit you in the long run.
Q: When Should You Update an Estate Plan?
A: It is recommended that you update your estate plan whenever you go through a significant life change. This includes marriage, childbirth, adoption, a death in the family, and divorce. Whenever something changes in your life that is going to affect your estate in the long run, you should take another look at your estate plan and update it accordingly. For divorce, you should consider waiting until after everything is finalized before making any changes.
Q: Can My Former Spouse Claim an Inheritance After Our Divorce?
A: In Missouri, your former spouse is automatically removed from your will after a divorce and thus cannot claim an inheritance. However, that only applies to the will and not any trusts you may have set up together. You should look through your estate plan and consider removing your former spouse from anything they could benefit from, such as a trust, guardianship, or life insurance policy.
Q: Can I Write My Own Will?
A: Anyone is allowed to draft their own will, but enforcing it can prove difficult if it isn’t developed through the proper channels. An experienced estate planning lawyer can help you determine the right way to draft your will so that it is considered legitimate by the court in the event of your death.
Reach Out to an Experienced Estate Planning Lawyer
It can be easy to become overwhelmed during the divorce process. Having someone by your side who can handle the legalities and make sure you do not get taken advantage of can be a big help, especially when you are trying to untangle your finances and update your estate plan.
The legal team at Stange Law Firm understands how difficult it can be to change your plan. We can assist you in many different ways. Contact us to speak with a team member about your case. We can help you explore all of your legal options.
