When it comes to estate planning, it is important to enlist the services of a trusted professional that can guide you in the right direction. Planning what happens to your estate is crucial to ensuring that your family is supported and that your estate successfully passes to the intended beneficiaries.
After divorce, a person’s property and financial circumstances are often altered. It is important for divorced parties to reassess their wills, trusts and any documents drafted before the divorce. Discussing your estate plan with an experienced estate lawyer can prevent future complications for your family and/or loved ones.
Astor Weiss Kaplan & Mandel, LLP provides individuals who are seeking a family or divorce lawyer in Philadelphia and the surrounding counties, with resources in both family law and estate planning.
What Needs to Be Amended?
A divorce decree will automatically invalidate any beneficiary designations in your spouse. After a divorce, each party should reassess their beneficiary designations (retirement accounts, life insurance, bank accounts, etc.).
Additional documents to revisit include: wills, living wills, power of attorneys, and medical directives. It is important to keep all of these items up to date so your wishes can be carried out. Further, if there are any existing trusts, they should also be amended to best reflect the changed circumstances.
What Happens to the Children?
Divorcées who seek out the services of family lawyers in Philadelphia will also learn that estate planning is crucial to ensuring the well-being of their children. Parents can choose to designate guardians for their children, in the event of their deaths. Although in many cases the court will grant custody of the child to a living parent, individuals should always specify their desired guardians. There are many cases in which a person besides a living parent, such as a grandparent, godparent, uncle, or friend, would be named as guardian.
Why Do You Need to Adjust your Estate Planning Documents after a Divorce?
A property settlement agreement deals with the division of marital assets at the time of the divorce, any distribution of assets in a will that is contrary to the agreement will be invalidated. While a divorce decree will automatically invalidate any property going to your ex-spouse under your old will, if your ex-spouse is specifically named it may cause issues at your death. On the opposite end of the spectrum, individuals may choose to leave an inheritance to an ex-spouse or members of the ex-spouse’s family. In order to accomplish these wishes, it must be specified in a will.
Family lawyers in Philadelphia at Astor Weiss Kaplan & Mandel, LLP, can provide the right attorney for amending estate planning documents after a divorce. Those looking for more information from a divorce lawyer in Philadelphia should contact Astor Weiss Kaplan & Mandel LLP at https://astorweiss.com/.