Are You Getting a Divorce? Don’t Forget to Update Your Will
Married couples frequently have mutually beneficial wills and estate plans. This is likely no longer appropriate when you are going through a Florida divorce. Even though you may be feeling overwhelmed by your divorce proceedings, you should discuss your estate planning situation with your attorney. If she does not handle estate planning, ask for a referral. You need an experienced, qualified estate planning attorney to update your will and estate plan. There are several reasons it is important to update your will and estate planning as soon as possible.
Changing your Will Prevents Your Former Spouse to Inherit Your Assets
If something happens to you while you are going through a divorce or after a divorce, your former spouse may inherit some or all of your assets. Do not assume that nothing could possibly happen to you. It is easy to recognize that at some point after a divorce you will need to redo your divorce and any estate plan. There is no reason to wait. Unless you want your assets to be inherited by your ex-spouse or former in-laws, this is a critical step.
Updating Your Will Allows you to Select Another Person to Make Important Life and Death Decisions
Your will appoints an individual to act as your executor. That person will see that your dying wishes as provided in your will are followed. If you are incapacitated, your affairs will be taken care of by an individual that you grant the power of attorney.
You likely do not want your ex-spouse or soon to be ex-spouse making life and death decisions for you if you are incapacitated. You will likely want other family members or a friend to make those decisions. It is important to update your will and other documents identifying the decision maker you prefer.
Updating Your Will Makes Things Simple for Your Heirs
If you have an updated will, it makes clear what you want done with your assets upon your death. This reduces, or even eliminates, any dispute among potential heirs about your present wishes. It will also save your heirs money. Disputes over inheritance may require attorneys and can become expensive quickly. A simple, updated will can save money and help avoid conflict among family. Inheritance disputes can tear families apart. This can all be avoided with an updated will and estate plan.
What Should I Do?
You should seek the advice and counsel of an experienced estate planning attorney. The cost of the consultation and work will depend on the complexity of your assets. The attorney you speak with should be able to estimate the cost prior to you retaining him or her.
Contact Sandra Bonfiglio for Your Divorce Needs
Even if you are only considering a divorce, it is a good idea to talk with an experienced Fort Lauderdale divorce attorney about your options, as well as to make plans for your future. From parenting time and child support, to the fair and equitable division of assets, Sandra Bonfiglio can assist you in your divorce decisions.