Estate Planning Lawyer
When you and your partner have made the decision to divorce, updating your will may be the furthest from your mind. It’s likely that you will be consumed over the emotional impact this life change will have on you, the plans you will need to make for your children, the logistics of the actual divorce process and how you will divide your assets. However, once you have endured the divorce process it’s essential that you take the time to update your will, especially if you have children to consider. There are a number of questions you will likely have regarding this process in the wake of a divorce:
Why should I update my will after a divorce?
Divorce is a life changing event that should prompt you to update your will. There are a variety of reasons to do this:
- To ensure that your ex does not inherit all of your assets
- To make sure that your assets are distributed in the way you would like
- So that your ex does not have the power to make decisions for you in the event that you are incapacitated and no longer able to make decisions for yourself
- To make the process easier on your loved ones
- To appoint a new person as executor and power of attorney
Chances are the will you currently have was created by both you and your spouse while you were married. Most newly divorced people do not want to see their ex inherit their assets or have the power to make decisions for them. Because of this, you should contact an estate planning lawyer as soon as possible for help in updating your will.
What are other reasons that should prompt me to update my will?
Divorce isn’t the only life changing event that should prompt you to make changes to your will. There are a number of events that should trigger you to make changes to your will, including:
- Change to Your Financial Situation
- The Birth or Adoption of Children
How often should I update my will?
Once you create a will, you shouldn’t assume that it remain the same for the long term. It’s important that you regularly review and update your will. Will lawyers recommend that you do so at least every 3 to 5 years. However, if you experience a life changing event, you may want to do so sooner.
Is it essential that I have a will in place?
Yes. It’s vital that you have a will in place for a number of reasons. Not only will you need to have a plan in place for your loved ones, it can also help to prevent familial conflict as they attempt to decipher what your final wishes would have been. When there is no will, the majority of your assets will need to go through the probate process. As a result, you risk the court system making key decisions over your assets. This can be incredibly stressful for your family to endure.
Have you recently been through a divorce? Don’t forget to make the necessary changes to your will following this life changing event. Contact a will lawyer in Schaumburg, IL as soon as possible so they can help you update your will while making sure that no key detail is left out of the process.
Thanks to Bott & Associates, Ltd. for their insight into estate planning and updating a will after divorce.