These Three Parts of Your Estate Plan Should Be Looked at After a Divorce
Posted on: April 18, 2023
When a couple gets divorced, it feels like there are a million and one things to worry about. Planning for the future after death is a stage that is frequently ignored. After a divorce, it’s crucial to make sure you have an updated estate plan, regardless of whether you previously had one or not. After reading about the first three estate planning necessities, call the Law Office of Michael L. Fell at (949) 585-9055 if you need help from a family law attorney.
1. Refresh Your Will
Priority one: amend the will. If you have an earlier version, it’s likely that your spouse will inherit everything from you in the case of your passing. Although a divorce in California immediately revokes these bequests, it is still simpler to make a new Will than to rely on state law to protect your assets from your ex-spouse.
Work with an estate planning lawyer who can draft a new Will reflecting your updated intentions once the divorce is finalized. Even while it’s possible that your ex-spouse won’t be entitled to an automatic inheritance from your estate, you’ll still want to have a voice in how their assets are distributed.
2. Check to Make Sure Your Spouse Isn’t the Executor
A person’s spouse is frequently appointed as the executor of their estate. After the divorce date, this will end. Make certain your executor will operate in your loved ones’ best interests. This is particularly valid if you have kids. Do not presume that your spouse would be the greatest candidate to receive custody if you passed away before your kids turned 18.
They might be the ideal match right now, but what if something unfortunate occurs to both you and your ex at the same time? What would happen if your ex had a serious change in behavior and was no longer the best candidate for custody? An executor who would defend the interests of your children and any survivors can be named in your will.
3. Fix Any Problems with Life Insurance
If you and your spouse have life insurance, your divorce statement will probably include a life insurance clause. If this is the case, both of you will need to keep life insurance in amounts sufficient to pay for spousal support and child support obligations in the event of an emergency.
It is crucial to have an experienced attorney on your side if you are considering divorce or even just starting to think about it. We at Law Office of Michael L. Fell will thoroughly review your situation to make sure you receive the support you require. Call (949) 585-9055 right away if you need assistance with your divorce processes.
