There are undoubtedly countless thoughts running through your mind in the immediate aftermath of your divorce in Hazlehurst; updating your will may not be one of them. However, experts not only recommend constantly reviewing your estate plans, but also amending them following major life events. Divorce certainly qualifies as a major life event. Yet still, many often come to see us here at the Shannon Law Firm, PLLC after having lost a loved one wondering what might happen if he or she never updated his or her will following a divorce.
Many states have adopted legislation that automatically revokes as person’s claim to any element of his or her ex-spouse’s estate as soon as their marriage is dissolved. This applies even in instances where their ex-spouses’ wills may have stipulated that they are entitled to estate assets. Mississippi, however, is one of the view states that does not follow this philosophy. According to rulings issued by Mississippi’s Supreme Court, the state has not adopted an automatic revocation law when it comes to pre-divorce wills. Thus, if you never update yours, your ex-spouse could end up inheriting whatever assets your originally designated to him or her.
So now that you know that your divorce does not automatically disinherit your ex-spouse, you may want to get to work on updating it. Yet before you choose to make any changes, consider the implications they could have. Is, say, your children are not to the point of handling any assets you may leave to them, it may be a good idea to leave funds in a trust with your ex-spouse serving as trustee, allowing him or her to manage your children’s assets while maintaining any claim to them.
More information on what to do following your divorce can be found here on our site.