Going through a divorce necessitates updating legal documents to reflect your new status. And one of those documents is your will. You need to update provisions in your estate planning documents that benefit your former spouse.
Here is what you should know:
Automatic revocation
Under Virginia’s law § 64.2-412, a divorce or annulment automatically revokes any provision in a will that disposes of assets to a former spouse or nominates them as a fiduciary, such as an executor or guardian. The state will treat the former spouse as if they failed to survive the testator (the person who created the will).
This means they will not receive property from the estate, and the court can’t approve their appointment as the estate’s executor or the guardian of minor stepchildren.
If the revocation is automatic, do you need to update your documents?
It’s crucial to update your will to remove your spouse and name another executor or guardian. Besides, Virginia’s automatic revocation law does not generally apply to non-probate assets. These include life insurance policies, retirement accounts, payable-on-death (POD) accounts and transfer-on-death (TOD) accounts.
What if you want to leave assets to your former spouse?
If you want to leave assets to your ex-spouse or you want them to be appointed in a fiduciary role, your will should expressly state so.
After the divorce is finalized, you can create a new will and name your ex-spouse as a beneficiary or nominate them as an executor or guardian. Another way is to draft a codicil – a legal written and signed document that allows you to express your intentions of leaving assets and responsibilities to your former spouse.
A divorce is a life-changing circumstance that calls for a change in estate planning documents. Learn more to ensure your will reflects your current wishes.