Christine Fletcher is back to provide more of her knowledgeable estate planning advice. Her help is always welcome but especially this week as I’m on vacation 🙂
Last week Nancy posted about the importance of updating your estate plan after you divorce. Unfortunately, I have seen the effects of what not doing this can have on a family. Many clients are so drained, both emotionally and financially, from a divorce that they find it difficult to deal with anything else. Or perhaps, having an ex-spouse named in a will as an executor or as a beneficiary is the last connection to that person that you are having trouble severing. But it is important to understand the effects that not updating your estate plan will have.
If you have a will or trust that predates your divorce and names your now ex-spouse as a fiduciary or a beneficiary, some states will treat that spouse as if they predeceased you or refused to accept the asset. The same may apply to ex-spouses named as a beneficiary of a life insurance policy or a retirement plan. However, not all states take this approach. You need to check … Keep reading