When you realize you need to get divorced, it can throw your entire life into a bit of a spiral. You may have carefully planned out your future over many years, only to have it blow up in real time. It can be difficult to come to terms with that, but moving forward is imperative for your mental health. As you deal with the life changes that come with divorce, you may have forgotten to update your estate plan. A Kansas City, MO, family law attorney can assist with that process.
Should You Update Your Estate Plan After a Divorce?
Yes, you absolutely should update your estate plan after getting divorced. If you don’t, your estate could end up in an awful situation one day. The last thing you want is for your former spouse, someone you may not even speak to anymore, to have power of attorney over your entire estate because you forgot to update it after your divorce. While your last will and testament is automatically updated following a divorce in Missouri, you should still check your estate plan.
Depending on the total length of your marriage, there is a strong chance that you and your spouse developed an estate plan together that reflected the marital assets you gathered together. There’s nothing wrong with wanting your estate plan to reflect the togetherness of your marriage. However, after the divorce, those assets have been separated, and that plan is no longer accurate to the life you now have. Dismantling it with an estate planning lawyer should be your next move.
Keep in mind that Missouri is a no-fault divorce state. You don’t need to provide a reason why you want to get divorced. If you are unhappy, that’s enough. Even if your spouse wishes to contest the divorce, they can’t stop it. Essentially, this means you will need to figure out child custody arrangements, asset division, and spousal support on top of fixing your estate plan. The long-term consequences of ignoring your plan can later arise when you least expect it.
Why Is Updating Your Estate Plan Important?
When you hire an experienced estate planning lawyer to look over your plan and wipe your spouse out of it, you are making sure your spouse has no power over your estate that they could claim later. If you should pass away before them, they would have no legal standing if they tried to claim a portion of your estate they may feel entitled to. At the very least, a lawyer can help you update your documents and make sure your beneficiaries are still the same people you wish to leave something to.
An estate plan is not just a piece of paper with a stamp of approval on it. It’s a comprehensive batch of documents with many critical aspects, all of which are important and significant to the estate plan as a whole. Going through it and wiping your spouse out of it may take time, effort, and focus. Remember, the whole point of an estate plan is to provide your loved ones with financial stability after you pass away. This plan should be updated periodically.
Responsibility ultimately falls upon you to make sure your plan is properly maintained. The last thing you want is for someone you no longer trust to have any power over your estate. Here are two of the most important elements of an estate plan that should, at least, be looked over after any major life event, including a divorce:
- Last Will and Testament: A last will and testament is often the core of a comprehensive estate plan. When you first drafted your will, your former spouse was likely a prominent figure throughout it. You may have left everything to them out of love. Even though your spouse is automatically removed from your will following a Missouri divorce, you should still check it, just to be safe. Your lawyer can help you do that.
- Power of Attorney: One of the most important things you should look at in your estate plan is who has power of attorney over your finances or medical needs. It may still be your spouse, which could severely complicate matters if something were to happen to you. Your spouse could end up being the one who decides whether you should receive certain medical care. Your lawyer can make sure this is not the case.
FAQs
Q: Is Estate Planning Really Necessary?
A: Yes, estate planning is really necessary, especially if you have a comprehensive, multi-layered estate that includes property, vehicles, bank accounts, trusts, and outstanding debts. If you were to pass away without a plan in place, the court will decide who gets your assets, and everything could end up going to the wrong people. An estate plan is a way to make sure your loved ones are taken care of when you’re gone.
Q: Should I Hire a Lawyer to Help Draft a Will?
A: Yes, it is recommended that you hire a lawyer to help draft your will. Any legal adult can draft a will and have it properly notarized, but having a lawyer involved in the entire process can make sure the will is legally enforceable. After all, you want to be sure your will is solid and will hold up in court when it’s needed.
Q: When Should I Update My Estate Plan?
A: It is recommended that you update your estate plan any time you go through a significant life change. This could be a divorce, a death in the family, a birth, or even an adoption. When somebody enters or leaves your family, you should review your estate plan. You need to make sure it still accurately reflects your life goals and who you want to share your assets with.
Q: Will I Need a Lawyer’s Help to Update My Estate Plan?
A: That depends. If you understand how the process works and can find what you are looking for without difficulty, you can move forward on your own. However, if you have never updated your plan before and don’t know what you are doing, you should hire a lawyer to assist you. In any event, an estate planning lawyer knows how to comprehensively review your estate plan, so their aid could prove invaluable.
Contact Us Today
At Stange Law Firm, we can help you update your estate plan. Contact us today to arrange a consultation.
