When a Pennsylvania resident is going through a divorce, it can sometimes be hard to think pragmatically. Divorce is a very emotional time, and often, a person's thoughts are wrapped up in divorce legal issues such as child custody and property division. However, if one is going through a divorce, they will also want to think about their estate planning needs as well.
When a married couple in Franklin creates their estate plan, they do so thinking they will live out the rest of their lives in wedded bliss. However, for any number of reasons, a married couple may end up divorcing. During the divorce process, their thoughts will be consumed with divorce legal issues. But, a divorce is a good time to also think of estate planning, and how key documents may need to be changed.
There are many reasons to update an estate plan. One particularly relevant is the recent passage of the Tax Cuts and Jobs Act. This new law resulted in an overhaul of the tax system that could impact an estate plan in a number of ways.