By creating a will, you have taken an important step in creating a strong, executable estate plan. This document is usually used to determine how the testator’s (the person who created the will) assets will be divided up after their passing. These assets could include:
- Retirement fund(s)
- Bank balances
- Family heirlooms or prized possessions
Now, a will can address much more than that, but these items are usually at the top of the list of people’s priorities.
Wills during marriage
Typically, marriage is the stage of life when people have children, invest in property, and pool their financial assets with their spouse. You may have created a will during your marriage to safeguard these assets and to make your wishes known just in case, which was a smart move. It’s never too early or too late to create an estate plan.
Wills after divorce
You did the right thing by planning for the future, but your plan will likely have to change considerably after getting a divorce. Here are a few things that getting divorced changes about your will:
- Your assets have probably shifted since dividing your property with your spouse
- You may have a court-ordered custody agreement, which could override any designations you made regarding custody of minor children in your will.
- Your financial situation could have changed along the way, which needs to be updated in your will
After going through the intense legal process that is divorce, you are probably dreading having to update your will. However, a knowledgeable estate planning attorney can help you make these changes relatively painlessly.
Keep in mind that besides getting divorced, there are also several more instances in which you should change your will, as well.
Don’t hesitate to reach out if you need help, as it’s important to have an up-to-date, executable will just in case the worst happens.