Divorce impacts almost every aspect of your life and it is important to thoroughly examine everything that you and your ex-partner shared to ensure that you’re able to move forward without having their name tied to anything that could affect your future. One of the most significant things that may need to be changed is your will. After composing a will, it will typically need to be signed by two people who are not beneficiaries, and if your ex-partner has either signed or been listed as a beneficiary, you will want to have everything updated once your divorce is finalized. Although this may sound difficult, it doesn’t have to be with these tips.
Your Assets, Your Decision
Ultimately, you have the power to decide who inherits what in your will, and it is up to you to alter it whenever you deem it necessary. Your main goal should be to work with an attorney who can provide good money management tips to ensure that your assets are distributed only to those who you name. Make sure to go through your will with your lawyer and alter anything that pertains to your ex-spouse so that you don’t need to worry about having loose ends after your divorce.
Speak With a Probate Attorney
Altering your will after a divorce is important to ensure that your ex-spouse doesn’t receive anything from your estate or have any power to dictate your affairs or decisions in the event that you are unable to speak for yourself. For example, if they are listed as your power of attorney, you will certainly need to have this changed, unless there is an amicable agreement between the two of you. However, more often than not, divorcees will want this changed.
On average, it can take up to six months after an initial divorce petition filing for a divorce to be finalized, and during this time you should speak with a probate lawyer to revise your will as soon as possible. If you are working with a divorce lawyer, you may be able to get a referral to a probate lawyer, or there may be one working at the same firm. Doing this early can reduce the number of changes you have to make once the divorce is finalized so that you can move on with your life as soon as possible.
Making Things Easier
Changing your will as soon as possible either during or after a divorce can also make things easier for your heirs, in the event that something should happen to you. As an example, you will need to include all of your assets in your will, and if you own a business or medical practice, selling these off can become more difficult for your beneficiaries if your ex is still involved in the process.
If you had a dental practice, for instance, sales can usually be made within 150 days of listing the property, but a bitter ex could attempt to drag out the process or take ownership if they are still listed in your will. The same can be said for any type of property that your heirs might want to sell or keep for themselves. This is why making sure your ex is thoroughly removed should always take precedent, even if you don’t think that they would ever try to take advantage of your estate in the event something does happen.
If you are in the process of a divorce and have your ex-spouse still listed in your will, be sure to meet with a lawyer as soon as possible to have them removed. Not only can they help give you money management tips for how to handle your estate, but they can ensure that your ex is completely removed so that they can’t attempt to take advantage of your assets.