While going through a divorce, you will most likely be focusing on how your daily life is changing. You’ll be sorting through finances, property, custody, and legal paperwork. In this overwhelming time, it’s possible to overlook your will and any trusts you may already have set up. However, it’s important to take time to focus on these documents with a will and trust attorney, because your changed status and circumstances will most likely mean both your will and trust need updating.
When you and your former spouse set up your long-term plans with a will and trust, you had your spouse as your beneficiary. Divorce alone will not necessarily change this. Some states have laws that will protect you from an outdated will if your ex-spouse is still listed as your beneficiary, but it’s not something you should rely on, and will most likely cause your will to be held up in probate. When making the necessary changes due to your divorce, you can add a written amendment, called a codicil, to change a portion of your will, or you can revoke your current will and rewrite it entirely. A legal change is the best way to protect yourself and those who you want to inherit.
Trusts are more complicated and will need the guidance of a will and trust attorney. Some trusts can be revoked and reworked in the case of divorce. Others are much harder to change and will require more legal maneuvering. Speaking with your will and trust attorney about the steps you need to take is crucial to understand your particular trust.
Ideally, you should change your will and trust as soon as you start the process of the divorce. If you were to die before the divorce was final and before changing your will, your ex-spouse would still be your legal heir. However, in many cases, while the divorce is pending, other legal changes may be put on hold. Speak to your attorney about when and how to make these changes so you are protected as soon as possible.
A will and trust attorney can look over your long-term estate planning and walk you through the process of what to change, and how to go about changing it. Divorce can be an emotional affair, and a will and trust attorney will be able to make sure that you and your heirs are protected.
Having a will and trust attorney to help guide you through this will help give you some peace of mind and confidence that your long-term estate plan is legal, valid, and applies to your current life status. If you’re going through a divorce and need legal advice about how to change your will and trust, contact my office today.