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Estate planning concerns following divorce

On Behalf of | Apr 23, 2019 | Estate Planning |

This may go without saying, but getting divorced in Wakefield is by no means easy. Even after the conclusion of your divorce proceedings, there still may be much to do. Think about just how involved in your life your now ex-spouse truly was. It is likely that their names are still associated with your bank records, insurance policies, utility accounts and much, much more. While you may have had time since your initial separation to literally separate yourselves from them in your common financial affairs, one area that many in your position forget to revisit is your estate planning. This leads to many coming to us here at the Curley Law Firm, LLP concerned that their ex-spouse’s may still be in a position to inherit their assets. 

If you share this same worry, do not be troubled; state law takes care of this concern for you. Section 2-804 of Massachusetts’ General Laws states that a divorce or annulment automatically revokes any provisions of your estate planning that confer any of the following on your ex-spouse: 

  • Assets and properties (any that considered your own separate property, that is)
  • Powers of appointment
  • Nominations to serve in any fiduciary capacity 

Thus, you needn’t worry that they will get everything if you forget to update your will. What you may need to be concerned about, however, is whether not having them part of your estate plan is truly in your best interests. If you have children together, your ex-spouse will be left to care for them is you pass away. For this reason, you may want to include your ex-spouse as a trustee over your children’s assets in the event you die before they reach the age of majority. 

More information on effectively managing your estate planning can be found throughout our site.