Home
About Us
Practice Areas
After a major change to life circumstances, such as marriage, remarriage, divorce, or death of a spouse, it is necessary to review wills and other important papers.
It is common to neglect revising wills and other estate planning documents, but a careful review must include designations of beneficiaries on retirement plans, IRAs, 401Ks, life insurance policies, and other financial accounts and key documents. For instance, if you have a living will or a health care power of attorney, your ex-spouse may still have the power to make health care decisions on your behalf. Other important changes may be necessary.
Failing to conduct a comprehensive review of these documents upon remarriage can lead to unintended consequences and some very surprised and possibly unhappy family members. It could even leave some in economic distress.
It is common in today’s society for a couple in a second marriage to have children from prior marriages. Typically, they may draft simple new wills that leave everything to their new spouse. But such a will can have the unintentional results of disinheriting children from the previous marriage.
Here’s an example. Assume John and Jane have recently remarried, and each has children from a prior marriage. Also assume that John and Jane execute simple wills (perhaps using a form found in a book, in software, or the Internet), and each leaves everything to the other. John dies first, and Jane inherits everything from John. Then after Jane dies, her children (from her first marriage) or even worse, a subsequent husband, inherit everything. John’s children receive nothing from their father. Without careful planning and consideration of potential unintended consequences, such a result can lead to disputes and probate litigation between the children and a step-parent’s estate or surviving spouse.
Likewise, following a divorce or remarriage, changes are required not only to the beneficiaries in a will, but also the beneficiaries designated in retirement plans, IRAs, 401Ks, life insurance policies, “transfer on death” accounts, and other financial accounts. Failing to make necessary changes after divorce or remarriage can lead to the unintentional distribution of assets that should have gone to children and other loved ones.
One of the goals of estate planning is to draft documents and divide ownership of assets so that the property passes to intended beneficiaries. Achieving this goal, following divorce, death, or remarriage, and implementing the intent of the parties after such an occurrence, can be complicated. Minor mistakes can result in unpleasant surprises.
Obtain help from an estate planning attorney. That is the best way to avoid disasters and unintended results following divorce, death, or remarriage.
Contact your BPBS attorney if you have any questions about revisions to your will or estate plan, or click here for more information on Estate Planning.