brand logoHall, Ricketts, Schuller
& Gurbacki, P.C.

Reevaluating one's estate plan is a critical part of divorce

When people are getting divorced from their significant other in New York, their thoughts are often immediately consumed with decisions regarding their assets, child custody and alimony requirements. However, many people overlook the importance of reevaluating their estate plan to verify that it is still relevant despite the changes in their marital status and family relationship. 

If people have children, they should first look at the guardianship plans they have previously created for their children. Do the people they have named as caretakers still have a relationship with the children that will make this transition healthy and effective? If they did not have any sort of estate plan with their soon-to-be ex, it is critical that they begin developing one right away. Doing so will put them in a better position to have a comfortable living situation when their retirement years roll around. 

Often during a divorce, situations and people will change. This could render a person's will irrelevant depending on the situation. As such, it is imperative that they spend time reading their will to determine that it will still function the way they originally intended for it too. Any modifications that need to be made should be signed and approved to guarantee that they translate on legal records. 

If people are getting divorced and need help reassessing their estate plan, they may wish to hire an attorney for help. Doing so may provide them with a direction toward which areas of their plan need modifications to make their plan as effective as possible. 

Source: Forbes, "The Top Estate Planning Mistakes Divorcing Women Make," Stacy Francis, Nov. 8, 2018

No Comments

Leave a comment
Comment Information
Email Us For a Response

How Can We Help You?

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Hall, Ricketts, Schuller & Gurbacki, P.C.
471 Main Street
East Aurora, NY 14052

Phone: 716-243-3515
Fax: 716-652-2058
East Aurora Law Office Map