Relationships change. While you hope that your friends and family will not face the challenge of divorce, unfortunately there is a chance that a happy marriage could transition to a divorce.
You should review the provisions you made in your estate plan when a beneficiary goes through a divorce since the change in their marital status could create a significant impact on the distribution plan you have set up through your will.
While a loved one’s divorce does not always mean you need to make a change, these are some of the circumstances that should prompt you to consider adjusting your will after a beneficiary gets divorced.
Assets that went to in-laws
When crafting your will, you took special care to ensure the important people in your life would know you cared strongly about them. When someone leaves the family because of divorce, it is time to review and make appropriate changes to your estate planning documents.
When a loved one gets divorced, often your relationship with their former spouse changes significantly. If, after the divorce, you no longer want that person to be considered a beneficiary, you will need to make changes to your will. However, if you only leave assets to your loved one and not directly to their former spouse, you may not need to make any changes.
Talking to your loved ones
While it is ultimately your decision if you want to modify your will to exclude a former in-law, you may want to talk directly to your loved one about the change in their marital status. Depending on the situation involving their divorce, they may have important information to share that could impact your decision.
When it is time to modify a will, it is essential to talk to a skilled professional about the changes you want to make and the impact the changes could have on the rest of your estate plan.