During your marriage, you may have expected your spouse to stick with you until the end. As a result, many decisions made during your estate planning process may have hinged on your spouse acting as beneficiary to your property or as agent in decision-making capacities. These roles have great importance, and you undoubtedly wanted to make sure that your trusted spouse took on those positions.
Now that you are going through divorce, however, you may wonder what impact the changes could have on your estate plan. In some cases, failing to update your documents could present unnecessary complications at the time of your incapacitation or demise. Therefore, you may wish to update your documents as soon as possible.
Updating your will
Your will stands as an important document to update because you likely named your spouse as the beneficiary to your estate. In most states, having your ex-spouse named as your beneficiary may not have a tremendous impact, as laws governing this type of scenario generally result in the provisions pertaining to your ex becoming ineffective. As a result, your ex-spouse should hopefully not end up with your assets or in the role of your estate executor.
Though state laws may protect you, updating your will still has importance. You may wish to replace your ex-spouse’s beneficiary designation with another person. If you do not, the court will simply treat the terms of your will as if your ex-spouse predeceased you and move on to the next beneficiary in line.
Updating your living will
Your living will holds great significance, as it dictates how you want to be cared for in the event that you become close to death. This document also allows you to appoint an agent to act on your behalf and ensure that medical professionals understand your wishes regarding any treatments. If you named your spouse to this role and then went through divorce, the possibility exists that your now ex-spouse could still hold that position. Therefore, you may want to ensure that you update the terms of your living will.
Though many Nevada state laws may help protect your estate plan in the event of divorce, you may still want to safeguard yourself against any unnecessary complications in terms of your ex and your estate. Updating your estate plan after divorce may help you ensure the appointing of your desired beneficiaries and agents.