Divorce brings significant changes, including those of a legal and financial nature. One of the most important tasks after ending a marriage is updating one’s will.
This document, often created under much different circumstances, must reflect the current situation. There are many reasons why a new version is usually necessary.
Change beneficiaries
Typically speaking, spouses name each other as the primary beneficiaries in their wills. Following a divorce, this is usually no longer the preference. Periodic reviews ensure that money goes to children, other family members, friends and charities instead.
Appoint new executors
Just as with beneficiaries, spouses often serve as each other’s executor or trustee. The executor of a will is responsible for administering the estate according to the document’s instructions once someone dies. People who do not want their ex-spouse to perform this role may appoint someone else.
Ensure guardianship
When a couple has minor children, a will often includes instructions about who will take custody should both parents pass away. After a divorce, it makes sense to reassess and refresh these wishes.
Prevent legal complications
Not updating a will beyond a divorce can lead to legal troubles. It could leave room for a former spouse to claim a property or vehicle. That person might also have power over certain decisions. Making sure a will is up-to-date lowers the chances of such possibilities.
A divorce marks a fresh start in someone’s life; a will should embody this next chapter. Creating a more current version is a significant step toward taking control of the future.