Life’s goals often change over time, and even a happily married couple can wind up in a Wisconsin divorce court. Many older Oshkosh-area couples go through a so-called “gray divorce” near their retirement years. Yet others might get divorced at younger ages but still after having established rewarding careers and earning many assets. A lot of those divorcees wind up in new marriages with new families.
Remarried couples often need to amend estate plans
If you once were married, got divorced and since remarried, your estate planning likely does not reflect your current aims. When many couples get married again, they wind up with new responsibilities based on changes in their life. Protecting your current spouse likely is among your new responsibilities. If you have not changed your estate plan, your new spouse might not receive the support needed to maintain a reasonable lifestyle.
Heirs might interfere
If a former estate plan included former step-children and others who no longer are among your financial concerns, you need to amend your estate plan. Disputes among relatives can slow the probate process to a crawl. An outdated estate plan will make matters worse rather than better by adding to the legal confusion and might support claims made against your assets by people whom you do not intend to receive anything.
Estates can be vulnerable to former spouses
If your current estate plan has a former spouse among the beneficiaries, chaos might arise. A newly drafted estate plan and a last will and testament can firmly declare your intentions regarding your estate, what happens to it and who gets what. An Oshkosh attorney experienced in estate planning for local families is a great asset for learning how to amend an old plan and ensure new responsibilities are met when you no longer are around.