The Impact of Divorce on Your New York Estate Plan

Are You Planning Your Estate?

Estate planning is a complicated but necessary part of life. You care about what happens to your wealth and assets after you pass. You worked hard your entire life to ensure that your family was taken care of when you are gone.

But sometimes, the things we plan for change. The people we intend to leave our wealth to may leave our lives, or the makeup of your family may change.

Planning your estate around your marriage is not abnormal or wrong. It is what most of us do; we build wealth with our partners and hope to leave our families in a position to live comfortably.

How does a divorce impact estate planning? Are there things you should be aware of when going through a divorce and planning your estate in the state of New York?

How Does Divorce Affect Your Estate Plan?

Divorce and estate planning are two separate but intertwined issues. While you could choose to leave your estate plan as it is after a divorce, you will likely want to update it to reflect your new circumstances.

Your estate plan likely included your partner as a beneficiary. If you are no longer married to that person, you will likely want to remove them as a beneficiary. If you fail to do so before you pass, your ex may receive assets and other inheritance that you may have intended to direct elsewhere.

If you divorce and then remarry later, you may put your new partner and the rest of your family in a difficult position should you pass without updating your plan. While your family and your new partner know that your intent was for them to be the beneficiaries of your estate if your ex-partner is still a beneficiary, they may choose to collect, and they would be within their legal rights to do so. This means that your family could end up facing a legal battle to ensure your final wishes are respected as you intended, not as they were written on an out-of-date will.

What Steps Should You Take After Divorce?

You should update your estate plan after your divorce. You may see it as something that can wait, but you never know what could happen. It is best to take these steps as soon as possible so that you can make sure your last wishes are guaranteed.

Follow these steps after your divorce:

Revoke Your Will

After your divorce, you should examine your will. If your ex-partner is listed as a beneficiary or an executor, you will want to make revisions to assign a new executor and make sure your partner is no longer a beneficiary if you choose to do so.

If you don’t have a will, this is the perfect time to speak with an estate planning attorney. When someone dies without a will, they are intestate, and the distribution of their wealth and assets will be determined by a judge, who will follow the line of succession.

Update Your Living Will

Most married people choose their significant other as their healthcare proxy. This person has the ability to make medical decisions on your behalf. When you get divorced, you will need to update your will to assign a new healthcare proxy that you trust.

Update Your Beneficaries

After your divorce, you will need to update your beneficiaries. If your ex-partner and any of their relatives are beneficiaries of your will, you will likely want to update your will to properly represent your wishes.

Update Guardianship for Your Children

Naturally, your ex-spouse is a guardian of your children. But that may not always be the only option for your wishes. If your ex is not a trustworthy adult, or they are struggling with things like mental or physical health or drug abuse, and you are the primary guardian of your children, you may want to include in your estate plan which you wish to assign as guardian of your children after you pass.

Reassess the Value of Your Assets </h3<

Your wealth and assets will likely change after your divorce. Equitable distribution of all marriage assets means your former spouse may assume control of some of the assets that were included in your will. With an updated will, your beneficiaries won’t be surprised to find something you willed to them was no longer in your control.

Adjust Your Life Insurance Policy

While this is not directly part of your estate planning, it is something people may overlook after a divorce. Be sure to update your life insurance policies to include your ex as a beneficiary.

It is important to remember that you don’t have to do this alone. Working with an experienced estate planning attorney can be the difference between your wishes being ignored and taking care of your beneficiaries as you intended.

While it is not required to work with a lawyer, both divorce and estate planning are legal procedures with many pitfalls you may not even be aware of. After your divorce, you can speak with a lawyer about your estate plan and tell them what you need. They will take care of the rest while communicating with you every step of the way.

Call 607-303-6554 to speak with Lauren Glynn Law PLLC to get the ball rolling in the right direction. Working with my firm, you can rest easy knowing that your wishes will be honored and that your estate plan is sturdy, easy to understand, and leaves no room for your ex-spouse to interpret your will in a way that would wrongly benefit them.