It is always important to keep your Will up-to-date. If you do not update your Will, your estate may not be distributed according to your wishes. In addition, if you have not updated your Will, and something happens to you, your family may have to go through a lengthy and expensive probate process.
Life events such as getting married, having children, or acquiring assets can all affect your Will.
Failing to keep your Will up-to-date can create significant problems for your loved ones after you pass away. Therefore, it is always best to review your Will regularly and make changes as necessary.
Video: The Importance of Updating Your Will After Getting Married or Divorced
If I Get Married or Divorced, Does That Affect My Will?
It's important to keep your Will up-to-date, especially after major life events like getting married or divorced. Marriage and divorce can both have a significant impact on your Will, so it's important to understand how these changes can affect your estate plan.
If you're married, your spouse is typically the first person in line to inherit your assets. However, if you don't have a Will, your state's laws of intestacy will determine who inherits your property. This means that your spouse may not inherit everything you intended for them to have.
If you're divorced, your ex-spouse is typically no longer entitled to inherit anything from you. However, if you don't update your Will, they could still end up inheriting some of your assets. This is because many people don't realize that their ex-spouse is still named as a beneficiary in their Will.
It's important to review your Will periodically and make sure that it still reflects your wishes. This is especially true after major life changes like marriage or divorce. If you don't have a Will, now is a good time to create one. And if you already have a Will, be sure to update it as necessary to ensure that your assets are distributed according to your wishes.
How Marriage and Divorce Affects Your Will
Marriage and divorce can both affect your Will in a number of ways. First, if you're married, your spouse is typically entitled to a portion of your estate regardless of what your Will says. This is called the spousal elective share, and it can vary from state to state.
Second, marriage may also revoke any bequests made to your former spouse in your Will. So, if you want to leave your estate to your new spouse, you'll need to update your will accordingly.
Finally, if you have minor children, your will likely names a guardian for them in the event of your death. If you get divorced and don't update your Will, your ex-spouse could still be named as the guardian of your children, which may not be what you want.
The Consequences of Not Updating Your Will After Marriage or Divorce
If you don't update your Will after getting married or divorced, your estate may not be distributed the way you want. For example, if you don't update your Will to name your new spouse as a beneficiary, they may not inherit anything from your estate. Similarly, if you don't remove your ex-spouse as a beneficiary, they could still inherit a portion of your estate, even if you don't want them to.
How to Update Your Will After Marriage or Divorce
If you get married or divorced, it's important to update your Will as soon as possible. You can do this by adding a codicil (a amendment) to your existing Will, or by creating a new Will altogether.
If you would like to make a new Will, please download our Last Will and Testament.