March 14, 2012
5 Common Estate-Planning Mistakes When Getting Divorced
Let’s not sugarcoat it: Divorce sucks. Even if you’re happy to end your marriage, it can be a traumatic experience that turns your life upside down. And that’s not surprising, given that divorce shakes up your living situation, your finances and even your day-to-day routine.
Even if you’re an organized person, it may take a year or two after your divorce to thoroughly disentangle yourself. Just when you think you’ve finally separated your lives, you’ll get a bill addressed to your ex or come across a legal document that hasn’t been updated since the divorce was final. Often, estate planning is one of those details that can get overlooked in divorce. Today, let’s look at the five most common estate planning mistakes that people make after getting divorced.
5. Not writing a new last will and testament. If you forget to update your last will and testament after your divorce, it can have huge ramifications, particularly if your ex-spouse stands to inherit the bulk of your estate.