Estate Planning During Divorce
If you are getting divorced, you may need to revise your estate plan. Find a Marin County Divorce Attorney who knows where to refer you to protect your estate.
Unless you want your ex to get your money if you die, contact an estate planning attorney. If you are getting divorced, even before your divorce is final, you will want to meet with your estate planning attorney to change your estate planning documents. Here’s why.
In California, if you die without an updated estate plan, your estate will go to your ex if you have no children. If you do have children, your ex could still get some of your money. If you should become incapacitated, your ex may be making important healthcare and financial decisions on your behalf. That is probably not your intention.
Your trust and/or will – As a married individual, you probably named your spouse as the executor of your estate and the successor trustee of your trust. Now, you’ll want to reconsider to whom you leave your assets. Be aware that you may be limited in the types of changes you can make during the divorce process. If that is the case, definitely update your will and trust, as soon as your divorce is final.
Beneficiary designations – In the state of California, the proceeds of certain accounts are distributed according to their named beneficiaries, whenever the account holder dies. Update the beneficiary designation for your retirement plans, transfer on death (TOD) bank and brokerage accounts, annuities, and life insurance policies. Spousal consent is required to change the beneficiary on your 401K plan and other qualified plans.
POA – If you named your ex as the agent on your Durable Power of Attorney for healthcare and Durable Power of Attorney for property, it is wise to make new power of attorney documents as soon as you file for divorce. Otherwise, if you are incapacitated, your ex will have unlimited access to your financial assets. He can also make healthcare decisions on your behalf. In the state of California, your spouse’s powers of attorney are automatically revoked when your divorce is final.
Name an alternate guardian for minor children in your will. If you and your ex have children and you die, in most cases your ex will become your children’s legal guardian. If your ex later passes away without designating an alternate guardian and your children are still minors, the court will look to your will for guidance. Be sure to designate whom you would like as their guardian.
Contact me for assistance
A divorce often requires an estate planning consultation. If you would like to speak with an experienced divorce attorney, contact my office for a consultation.
Warren Major LLP is a Marin County CA family law firm specializing in divorce, child custody and support, marital contracts and other family law issues.
Disclaimer: Warren Major LLP publishes articles about family law cases on its website for informational purposes only. The information contained herein may not reflect the current law in your jurisdiction. No information contained in this post should be construed as legal advice from Warren Major LLP or any author. This general information is not a substitute for legal advice on any subject matter.
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