Estate Planning Steps To Take After Divorce
Going through the divorce process is one of the hardest things you may ever experience. If your case has already been finalized, you are likely relieved that it is over, the terms have been resolved, and you can move on with your life. However, before you do, there are some important estate planning steps you should take to ensure that your final wishes are respected. Below, our Daytona Beach estate planning lawyer explains what these are.
Review Your Estate Planning Documents
The first thing to do after divorce is review your estate plan. During your marriage you likely gave your spouse a great deal of authority over your property and affairs. You may have designated them:
- Trustee of your revocable trust
- Personal representative of your estate
- Power of attorney for legal and financial decisions
- Healthcare surrogate so they can make medical decisions on your behalf
- Tenants in entirety on jointly owned real estate
- Guardian over minor children from a previous relationship
- Joint owner on vehicles, bank accounts, and other property
If you do not change the above legal documents and your former spouse is still named in your estate plan, the law will treat the designation as though they have passed away. While this means they will not have a right to your property or decisions made on your behalf, it does mean a court will have to appoint a legal guardian, personal representative, and more.
Determine if You Want to Include Your Former Spouse in Your Estate Plan
Under state law, it is assumed that you want to provide for your spouse after you pass away. If you pass away during your marriage, your spouse can claim an elective share if you did not include them in your estate plan. The same is not true for former spouses. However, that does not mean you cannot include them in your estate plan after divorce. If you want to include your former spouse, or their children, in your estate plan after ending your marriage, you can. It is important to be very specific that you are including them even though your marriage has ended.
Obtain Insurance Policies Required After the Divorce
Before changing estate planning documents, or creating new ones, it is critical to ensure that they do not conflict with the Judgment of Divorce. A family court judge may have ordered you to obtain life insurance policies to provide your former spouse with alimony or child support in case you pass away. If you change the beneficiaries on these policies when updating your estate plan, you could face enforcement actions, including being held in contempt of court. Before updating your plan, always provide your estate planning attorney with all of your divorce paperwork.
Our Estate Planning Attorney in Daytona Beach Can Help After Divorce
The above are just a few tips to keep in mind when updating your estate plan after divorce. At Bundza & Rodriguez, our Daytona Beach estate planning lawyer can provide the advice you need, help you update your plan, and ensure it does not conflict with the final terms of your divorce. Call us now at 386-252-5170 or contact us online to schedule a consultation and to get the legal help you need.
Source:
flsenate.gov/laws/statutes/2010/709.08
