Sequel to the dissolution of a marital affair, estate will and trust update is not an option. The rationality behind drafting a will or trust is to make certain that you bequest your legacy to a person or group persons you deem worthy of it. But the probate law reserves the authority to decide who gets what in the absence of an updated or valid will. In this sense, you legacy would likely get into the wrong hands- probably those of an ex who made your life a misery– one you despise so much that you don’t want to ever get involve with in any sense. To crown the worst, that thwarts the chances of affording your children and the right persons the amount of protection you would want them to have if something goes wrong.
In consideration of the foregoing, you have to update a will or trust or better still revoke it in its be all and end all to redraft it. This way, you get decides who gets what or makes what decisions on your behalf in the event that you are unfit to make manage things or cash in on your chips. In advance of a marriage dissolution, make no mistake about:
Changing Your Designated Beneficiary
Quite often, most people make an estate will in which their spouse is designated as beneficiary to assets such as plans, annuities and IRAS for retirement, insurance policies, bank accounts and other finances including investments, health savings account, etc. All things held constant, the possession of such assets get directly conferred on the right person for the fact that it is somehow not under the control of will and trust.
The bottom line here is if you designated a person you have just divorced as a beneficiary and you don’t want them to be entitled to the aforementioned assets, make changes to your will by removing your current beneficiary. To do that, you only need to request for form for that course from probate court, fill it correctly and have it validated. Here, your estate will and trust lawyer will point in the right direction in case you have one. It is important to mention your new beneficiary in the form. So, basically, you are replacing a the name of an old beneficiary with that of a new one.
Updating, Revoking or Changing your Will and Trust
Changing your beneficiary is not enough to prevent an ex from being entitled to your assets. The document that confers the rights and privileges on an individual is different from a will. That being said, your ex may have a justifiable claim to assets you have willed to them. IF you don’t want that to happen, you have to update your will, thus revoking the functions conferred on them in your will and trust.
Medical Power of Anthony
It vests in a person or group of persons the power to take medical decisions on your behalf if you are become ill or maimed to make those decisions. Those functions are defined in a medical documents which form the part of a will. Life here is at stake and you wouldn’t want to put your life in the hands of an ex who’s just a gold digger. Hence, revoking those documents as well as the functions defined in it is one of the necessary post marital things to do. For more visit divorce lawyers.
