Divorce Means Taking a Fresh Look at Estate Plan

If your estate plan is not up to date and done well, it is possible that your assets will end up under the control of your ex-spouse.

For people who have minor children with their ex-spouse things may become difficult, so it is best to not forget about your estate plan, according to the Wills, Trusts & Estates Prof Blog in "Planning Ahead After Divorce."

Getting a divorce is a significant event that should cause everyone to revisit their estate plans to make sure their ex-spouse does not gain control of any of their property.

For some people, the law will automatically modify their plans should they pass away without eliminating an ex-spouse.

The big issue?

What if you pass away while your children with your ex-spouse are still minors? In that case, your ex-spouse will most likely have custody over the children.

Any property left for your children either in a will or by operation of the laws of intestate succession will then be under the substantial control of your ex-spouse.

Your ex-spouse will get to manage the property and be able to decide what to do with it on behalf of your children.

Many of the potential problems can be avoided by meeting with an estate planning attorney to advise you on creating an estate plan that fits your unique circumstances.

Reference: Wills, Trusts & Estates Prof Blog (Jan. 8, 2018) "Planning Ahead After Divorce."