A nice day today, eh?
Are you going through a divorce? Or is one in your future? Yikes. If so, wondering what to do about your estate plan? Not to worry.In MA, you can always create a new or change an existing will or trust.
Now, there are some limitations during the divorce. It depends on the state laws. For instance, life insurance and retirement accounts are often off the table.
Know, your spouse is still your spouse—until divorce is final. So they may try to claim their portion if you die before you’re divorced.
State laws dictate what your spouse should get if: a) you leave them with nothing and b) the divorce is not final. This is known in Massachusetts as elective share. Different states calculate elective share differently.
Some states include more assets than others. The more modern state laws have what is known as augmented estate. This is to prevent spouses from trying to make sole assets joint before the other spouse passes—thereby, fooling the elective share system. Unfortunately, Massachusetts does not have augmented estate laws.
Most middle-aged people aren’t ready for their inevitable death. We make estate planning simple, affordable, and quick. So people can live in peace, knowing their affairs are in order.