You have always felt the comfort and confidence of having an updated and legitimate estate plan. However, now that you and your spouse are getting divorced in United Kingdom, you may be wondering what is next. What should you modify? Should you start over? Addressing the changes that should be made to your estate plan in a timely manner can help you verify that all of the pieces will continue to function the way you initially desired when you created your plan.
Procrastinating the process of modifying your estate plan could be one of the biggest mistakes you can make. For example, what if you do not remove your ex’s name as the beneficiary on your plan and you end up passing away? Or what if the nature of your divorce has been such that you are no longer wanting certain heirs to be included in your will? Maybe you are pursuing a new relationship and want to include some of your new family members in your plan. Accounting for these changes and having them legally signed is critical if you want to make them a reality.
Forbes suggests that if you are getting divorced that you first make sure you understand which segments can be altered. Trying to change a portion of your plan that is not modifiable could cause disappointment and confusion down the road. Keep in mind that your divorce may also influence your decisions regarding who you have listed as a health care proxy and power of attorney. Reassessing who you would like to take responsibility for these tasks can help you to feel at ease.
The information in this article is intended for educational purposes only and should not be taken as legal advice.
