3 Elements of Your Estate Plan That Should Be Amended After a Divorce
Posted on: July 23, 2019
It seems there are a million and one things to worry about when a family goes through a divorce. One of the steps that often gets overlooked is estate planning. Whether you had a plan before or never have, it is important to ensure you have an up-to-date estate plan after a divorce. Keep reading to learn three elements of this estate plan that should be completed, then contact Law Office of Michael L. Fell at (949) 585-9055 if you need assistance from a family law attorney.
- Update Your Will
- Make Sure Your Spouse is No Longer the Executor
- Iron Out Any Life Insurance Issues
First and foremost, update the will. If you have a previous copy, it is likely that your spouse gets all your assets in the event of your death. In California, a divorce automatically revokes these bequests but it is still easier if you create a new Will rather than trusting state law to keep your assets out of the hands of your ex-spouse.
Once the divorce is final, work with an estate planning attorney who can draw up a new Will that reflects your new wishes. Even though your former spouse may not be allowed to automatically inherit your estate, you will still want a say in how their assets are divided.
It is common that a person’s spouse will be made the executor of their estate. This will stop after the date of the divorce. Make sure you have an executor that will act in the best interest of your loved ones. This is especially true if you have children. Do not assume that if you died before your children turned 18, your spouse would be the best person to get custody.
Today they may be the person best suited, but what happens if something happens to you and your ex at the same time? What happens if your ex takes a turn for the worst and would no longer be the best person to have custody? Your Will can include an executor who would fight for the rights of your children and other survivors.
If you and your spouse had life insurance, then you will likely have a life insurance provision in your divorce statement. If this is the case, it will mean that both of you have to maintain life insurance in large enough amounts that it would cover spousal support and child support requirements if something happened.
If you are planning to divorce, or even if you are just starting to think about it, it is essential that you have a qualified attorney on your side. At Law Office of Michael L. Fell we will carefully assess your case to ensure that you have the help you need. Call us now at (949) 585-9055 for help with your divorce proceedings.