The end of a marriage will bring changes and adjustments to virtually every aspect of a spouse’s life. While transitioning to post-divorce life, it is critical not to overlook the importance of making changes to existing estate plans as well. Failure to update plans or include necessary additions could result in the wrong people having access to estate assets and important accounts in the future.
Don’t give the wrong people access
It can be devastating for a Tennessee family to learn that some of the assets left in a loved one’s estate will go to someone who is no longer in the family. An ex-spouse could have a rightful claim to assets and money if he or she has not been removed from the estate plan by the former partner. This can happen even if the marriage ended years or decades earlier.
It is unlikely that an adult would want to leave assets to a former spouse, yet he or she may inadvertently do so. After a divorce, it is prudent to remove the former spouse from the will and as beneficiary of certain accounts as soon as possible. This reduces the chance of complications for loved ones.
What changes are necessary?
It may help to discuss an existing estate plan with an experienced and knowledgeable attorney. A careful evaluation of current plans can reveal what changes or additions could be necessary. By taking these steps as soon as possible after a divorce, a Tennessee adult can protect the interests of his or her family and loved ones.