New Jersey family law attorney, Brad Micklin, explains that revisiting trusts and estate plans is a must after divorce.
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The trust planning and estate planning considerations in divorce or kinda complex because the filing of a divorce revokes any will that you have by what’s called operational law, which means sort of automatically, so that once you file a divorce, you no longer have an estate plan or a will in place. And if you pass without revising that, your assets may pass to your current spouse, which is usually not your intention after filing. So you need to carefully consider where you are in the process and what you’re likely to receive at the end of the process so that you can probably plan the disposition of your assets and debts to your heirs once the divorce is over.