Many business owners in New York have likely spent years and years working hard to build their dreams and accomplish their goals. A great way to protect an asset like a business and ensure that wishes are fulfilled is with an estate plan. However, in the midst of a high-asset divorce, updating an estate plan is a task that is commonly overlooked. For those in this situation, here are a few important things to review in an estate plan.
It is important to remember that the current spouse will have certain rights while the divorce is ongoing. However, should an individual die or become incapacitated before the divorce finalized, he or she will want to retain as much control as possible. This is why it is crucial to update health care proxies. Many individuals name the spouse as a decision maker in the event that he or she becomes incapacitated. Obviously, this would not be ideal in the middle of a divorce.
Those who have wills or revocable trusts may need to examine documents and find out the things a spouse is entitled to. In many wills, the spouse is named as the executor. If allowed, it may be necessary to remove the spouse. Also, if there are any gifts left for the spouse’s family, it may be best to remove or change those as well.
A marital breakup is often an emotionally challenging event, but there are also many difficult decisions to make during this time. Those in New York who are going through the dissolution of a marriage or have questions about high-asset divorce can obtain guidance by speaking with a legal representative. A skilled family law lawyer can answer questions and ensure the protection of personal rights throughout this experience.