Going through a divorce is an understandably difficult time. While there are many decisions that need making during the process, individuals will also need to consider how those choices will affect their futures. In fact, Tennessee residents may want to review their estate plans during or after going through a divorce.
Most people list their spouses as the main beneficiaries of their wills. However, after divorce, it is likely that a person will not want a now ex-spouse to inherit any assets. This means that the individual will need to review the will and make necessary changes to appoint new beneficiaries. This and other actions could help ensure that the ex-spouse is no longer legally entitled to a portion of the estate, though Tennessee law also has some provisions designed to eliminate the possibility of a former spouse taking under a will absent express statutory language to the contrary.
Of course, one of the biggest mistakes would be to not have an estate plan at all. Numerous people do not have any estate planning documents in place, and without this information, surviving families may struggle to settle their loved ones’ estates. Additionally, leaving no instruction means that assets could end up inherited by undesired parties.
Another significant mistake relates to trying to create estate plans or update plans without the right help. Because Tennessee residents may already feel overwhelmed by the process of divorce, they may want to get the process of updating their plans over with quickly. However, it is still important to have these documents reviewed by legal professionals to ensure that they reflect the person’s wishes. Consulting with attorneys who are knowledgeable in both divorce and estate planning may be wise.