How Does Divorce Affect Estate Planning? | Monroe Township - Middlesex County
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How Does Divorce Affect Estate Planning?

June 19, 2015

Filed under: Estate Planning — Neel Shah @ 9:15 am

Each state has individual divorce laws, which means that what’s true in one place is not necessarily true in another. Interpretation varies a lot from state to state when it comes to wills following divorce. This is why both spouses need to be informed and aware of relevant issues. It’s a good idea to set up a meeting with your estate planning attorney early on in the divorce process, if not immediately after you have the relevant paperwork. 1abmezJR5hYDJHyjc0VPrGTiJDHfxxLZ5f_TLBPizE8

If a will is private, or if a death happens before the individual has had time to update it post-divorce, there is no guarantee of intent that will be honored. That’s why it’s valuable to re-draft a second will, outlining a revocation clause for the previous will at all. This reduces confusion and opportunities for argument.

If there is a trust involved, it depends on whether the trust was created as revocable or irrevocable. An irrevocable trust can be updated, but a revocable one may require that divorce papers declare the ability to amend or dissolve it. Consult with your estate planning specialist for more information.

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