Updating Your Will After Divorce:
Leaving Property Pt. 4 –
Relying on state law also can create some uncertainty about what happens to the property you left to your former spouse if state law revokes that provision of your will. The general rule is that the property passes as though your former spouse had died before you did. So, if your will named an alternate (contingent) beneficiary for that gift, that beneficiary inherits. If you didn’t name an alternate beneficiary but did name a “residuary beneficiary,” then that beneficiary inherits. Otherwise, the property passes under state law, as if there were no will, to your closest surviving relatives.Those potential complications underscore the importance of making a new will. That way, it will be clear about who you want to inherit, and you can name alternates as well.
Estate planning is one of the most often looked over after a divorce, but if you don’t carefully review your will after divorce, then your ex could end up inheriting.
At Taroff & Taitz, LLP estate & trust administration is a specialized practice in which we have immense experience. Wether it is regarding the creation and administration of trusts, or assisting administrators, executors, or trustees in how best to handle the trust or estate, you can rest assured that all outstanding issues with creditors or other entities will be resolved on your passing.
Recent Comments