New Jersey Trust Lawyer
Divorce can be a huge adjustment not only for you but for your children as well. The life you once knew is likely to change completely. During this time, you will be making a number of changes to your life. Unfortunately, it’s not uncommon for people to forget the need to update their estate plans following a divorce. Some may still choose to incorporate their ex-spouse in their estate plans in some way. However, it’s unlikely that you will want them to inherit everything you own if you were to pass away. Divorce can be a difficult time, make sure you take the time to review your estate plan and your living trust to make the necessary changes. Should I change a revocable living trust after divorce? Yes!
Reasons to Update Your Estate Plan
After a divorce, your plate will probably be feeling very full. Updating your estate plan may be the last thing on your mind. However, if your current plan does not reflect this life change, chances are some of the components you previously outlined are no longer your wishes.
The following are key reasons you should update your will after a divorce:
- Ensure that all your wealth does not default to your ex
- To ensure that your ex is not appointed as executor over your estate
- Ensure that your children are taken care of both physically and financially
- So that your ex will not retain power of attorney or medical care should you become incapacitated
Have Your Trust Reviewed by a Revocable Trust Attorney
Work with an attorney to ensure that you have revoked your current will and have initiated the process of creating a new one. This can help to mitigate the complications that could arise with an outdated estate plan in place.
Changing a Revocable Living Trust
It’s not uncommon for people who have young children especially to have living trusts in place. A revocable living trust offers a number of attractive options. A living trust gives the grantor the ability to update the trust throughout their lifetime to reflect any changes. Following a divorce, it may be wise to amend your living trust. In the event that your ex was the trustee, you may choose to modify this to someone you fully trust.
Reasons to Keep Your Revocable Trust
Revocable living trusts may give the grantor more control over how assets are managed following their passing. A living trust does not have to pass through probate court. As a result, the contents of a trust can be passed off to the beneficiary more quickly than if it were to pass through probate. In addition, a living trust can keep inheritances confidential and may even avoid estate taxes. If you need to change your living trust, consult with an attorney to discuss the best way to amend this document.
Should I change a revocable living trust after divorce: Yes!
It’s easy to put off your estate plan following a divorce. Reviewing components like your living trust will be key to ensure that you have made a clear plan for your children in the event you were to pass away. Fortunately, you are not left to sort through amending your trust all on your own. Contact a New Jersey trust lawyer at Klenk Law for their counsel. They can help ensure that your estate plan is updated to reflect your new life circumstances.