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Updating your will after your divorce

Following the conclusion of your divorce in Lexington, you may want to do nothing more than get on with your life. Revisiting the pain involved with your separation is likely the last thing on your mind, and your reluctance to want to deal with any matters related to it is understandable. Yet there are still actions to be taken to ensure that ensure that other aspects of your life reflect your new situation. One is to reconsider whatever estate planning you have done. Many come to us here at Fowler Bell PLLC concerned that if they do not update their wills, their ex-spouse's will still inherit their assets. Yet that is not the only aspect of estate planning to consider following your divorce. 

First, however, that singular concern should be addressed. Section 394.092 of Kentucky's Revised Statutes says that a divorce serves to automatically revoke any provisions of your will involving your ex-spouse. That includes any assets you had previously stated they should receive as well as any powers of authority your will might have endowed them with (e.g., naming them executor of your estate). Thus, you do not need to worry about them inadvertently inheriting your estate. 

Yet that does not mean that you should not revisit your will after your divorce. First and foremost, you will want to update your stipulations to reflect who you now want your assets to go to. Secondly, you should consider the impact that completely removing your ex-spouse from your estate planning may have. If, for example, you have young children, it may be best to name your ex-spouse as trustee of whatever assets you leave to them until they reach the age of majority. 

You can learn more about what to do following your divorce by continuing to explore our site. 

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