Most people who are going through a divorce know that there are many things that they have to do when their marriage ends. One thing they may not think about is revising their estate plan.
In Arkansas, portions of the will that involve the ex-spouse are automatically cancelled when the divorce is finalized. This means that even if your ex is named in your will, they won’t receive what’s stated. Because of this, you must update your will after your divorce, even if you still want your ex to receive part of your estate.
Another consideration is that the power of attorney designations that your spouse holds end when one party files for divorce. This revokes the power that they have to make financial or medical decisions on your behalf.
What happens if you don’t update your estate?
Unless you revised your estate plan, everything would be handled based on Arkansas’s intestacy laws. These set a specific order for what heirs are eligible to receive your estate, notably the items that you assigned to your ex-spouse.
Your medical care and financial decisions would also be made in accordance with state law. This could take critical decisions out of your hands until you make your wishes known in a lawful manner.
Creating a new estate plan now can take the pressure off your loved ones if something happens to you because your wishes are clearly stated. Working with someone familiar with these matters is critical so you can ensure everything is set up properly.