If an alternate agent cannot be found, your documents could lapse or their implementation could be delayed.
Another consequence that may result from listing your former spouse on your estate documents could be the additional expense and delay in petitioning the court to have an executor or guardian appointed.
Even worse, the court-appointed executor or guardian could be someone you do not want handling your financial affairs or making health care decisions for you.
Areas of interest include:
Failing to update ownership and beneficiary designations could result in your former spouse claiming an asset as a co-owner or beneficiary. Post-divorce, this is most likely not your intent, and it could pose complications in the future for your children, second spouse or others.
In Maryland, a contract containing the beneficiary designations will be strictly enforced, which occurs even if those designations differ from those named to inherit in your will.
Mr. Abraham is an experienced attorney and founding member of the Law Firm of Abraham & Bauer. The Towson, MD office of the firm concentrates its practice in Estate Planning, Elder Law, Probate, Medical Assistance (Medicaid), Guardianship, Asset Preservation and Fiduciary Representation.
He is an active member in a number of professional organizations that focus on law, the senior community, and estate planning. He works with clients in Central Maryland, especially in Towson, Hunt Valley, Lutherville/Timonium, Parkville, White Marsh, Bel Air & Northern Baltimore City.
Schedule a consultation to help you and your loved ones.