Divorce can be tricky in all sorts of ways from arranging the custody of shared children to determining how assets will be divided between spouses. However, one factor that could be complicated by a divorce that can easily be overlooked by couples in Indiana is their estate plan. Determining that all clauses remain functional despite the change in relationship is critical to making sure that their original desires are still honored.
One misstep that people should be aware of is that if they choose to remarry in the future, they run the risk of accidentally disinheriting their children unless they are proactive about updating their estate plan to reflect the changes. As soon as a divorce is finalized, people should immediately remove their ex as a beneficiary. This will guarantee that their ex will not be receiving any portion of their estate which is especially important if people plan to remarry.
People should also consider how their wishes for distributing their assets and property upon their death will be affected by a divorce including their home, personal belongings and financial accounts. Their children should be regularly informed about any changes that are made to reduce the chance of disagreements or tension from happening after there is a death.
When people have had a significant change in their familial relationships and desire to update their estate plan to reflect those changes, they may benefit from working with an attorney. Legal professionals can help people prevent common missteps that can make a significant impact on the overall effectiveness of their estate plan.
Source: CNBC, “Here’s how to avoid accidentally disinheriting your kids after you remarry,” Sarah O’Brien, Oct. 10, 2019