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