During a separation from your spouse, you are likely facing a great deal of stress and emotional strain. Unfortunately, you also have many important personal and financial decisions to make as well. Updating your estate plan is one such decision that should be evaluated carefully. While there are many good reasons to update your estate plan after you separate from your spouse, not all estate planning documents should be treated the same during this process. Some documents may need an amendment, others may need to be revoked, and still others must be left as is until divorce proceedings are final.
Update Your Will If Your Spouse Is the Executor
During a divorce proceeding, there are certain restrictions imposed on your ability to update your estate plan. For this reason, it is crucial to contact an experienced attorney before making any changes that impact your estate plan. For example, it is possible that you will be restricted from changing certain aspects of your will while the proceedings are pending.
If your spouse is named as your executor, however, you may wish to revise your will to name someone else to fill this important role. The executor is the person who is in charge of overseeing the administration of your estate after you pass. When important life circumstances change, such as marital status, it often signifies that the person who you would want administering your affairs after you die has changed too. As a result, it may be necessary to update your will.
The issues surrounding estate planning and divorce are complex and varied. We encourage you to reach out to learn more. Visit our website to initiate a live chat today.