Posted On: August 3rd 2015
One of the many things effected by a divorce will be your estate. Are you prepared for those changes? At Schwartz, Fang, and Keating we employ some of the most talented and responsible estate lawyers Long Island has to offer. Our estate attorneys will help you plan and revise your estate after a divorce, ensuring your estate will be left exactly as you wish it to be. We will help you understand what aspects of your estate automatically change and how to plan your estate after a divorce.
If you get divorced after making your will, gifts that were made to your former spouse are automatically revoked from in most states. The rest of the will is not affected. Your spouse will not be revoked however until the divorce is finalized: separations and divorces in process would still include the ex-spouse in the will.
Additionally, if your spouse was listed as the executor of your will, you may want to choose a new executor. If state law remains the same your former spouse would be removed from their role as executor, however this would then leave it up to the state to name a new executor who may not be your choice.
Of note, not every state has a law like this, and laws of course can and do change over time. So what happens if in 40 years the law changes so that your ex-spouse is not revoked from your will and they stand to inherit your estate upon your passing?
As you can see it is not in your best interest to rely on state law. One thing you can do to ensure your assets do not revert to your ex-spouse according to your previous will is to create a new one. You can do this by revoking your previous will by destroying it and drafting a new one. When drafting a new will you will want to pay special attention to all relatives, beneficiaries, and the executor.
If you made a living trust while you were married you will also need to either dissolve it and create a new trust or revise it. This may sound like lengthy and difficult processes but do not feel overwhelmed by it, our estate lawyers of Long Island are here to help guide you through the processes.
Estate Planning with the Long Island Estate Attorneys at Schwartz, Fang, and Keating
On Long Island estate planning can be done after a divorce with limited headaches and heartaches when you work with the right estate lawyers. Contact us today to get started on arranging your estate exactly as you want it to be.