After you get a divorce, one of the things you should not forget to do is to change your will. Your will, if you had one, likely had your ex-spouse as your beneficiary along with step-children or others you may no longer wish to include.
It is very important to keep your will updated, so you can make sure those you want to leave money or assets for are the people who receive them. Additionally, keeping your will updated makes sure the state doesn’t revoke your ex-spouse’s rights to items, or that it does, depending on the state laws.
Why would you want to alter your will following a divorce?
If you change your mind about your heirs or obtain new assets, you’ll want to include these in the new will. Write down whom you want to disinherit, and talk to your attorney about any new assets you want to include in your will. Most people update their wills several times in their lives, so this is one defining moment that is good for you to update yours.
How do you update a will?
You have two options to choose from if you want to change your will. First, you can revoke your old will and write a new will. This is the most common and easiest way to create a new will without having to worry about the old one.
If you don’t want to revoke your old will, you can opt to add a codicil instead. This is basically an amendment that adds on new information or makes changes to your will. These are not used much today, because computers and technology make it easier to draw up a new will completely.
A new will is important, because it’s not as easy to challenge it as it is to challenge a codicil. If you’re ready to change your will, your attorney can give you more information about each of these processes and which is right for you.