We recently wrote about some of the ways in which closing or launching a business can affect one’s estate plan, but there are many other reasons why it may be necessary to go over your estate plan. For example, if you are in the middle of a divorce or you recently parted ways with your spouse, you may need to make key revisions to your will. There are a number of reasons why these revisions are so important and you may need to make multiple changes in the wake of a divorce.
For starters, many people give their spouse certain responsibilities and authority over their estate plan, and this may need to be revoked following a divorce. Other changes may need to be made when it comes to beneficiaries and the manner in which an estate is distributed. Not only do some people need to change their will to remove their ex as a beneficiary, but they may also need to remove other beneficiaries as a result of the divorce.
Divorce can also have a significant financial impact on one’s life and there may be other estate-related concerns to address because of a divorce. Sometimes, people feel so overwhelmed by the divorce process that they neglect to make these revisions right away, which can be very problematic if something unexpected takes place (such as a devastating motor vehicle collision). As a result, it is important to revise your will in a timely manner if necessary and carefully consider your options.