When a person is going through a divorce, they have to deal with a lot. Their whole life gets flipped upside down, and they have to deal with the divorce’s emotional and physical aspects. However, it is crucial to address one thing during this tragic time: updating your estate plan.
There are multiple reasons behind this. The most common being: your previous estate plan was drawn up when you thought you were going to stay with your spouse forever. At that time, the idea of divorcing your spouse seemed unrealistic. Emotions tend to cloud a person’s judgment and ability to make decisions. Furthermore, your feelings towards your spouse will inevitably change due to the divorce. So, it is necessary to review how your assets will be distributed and exactly who the beneficiaries are. Many who do not take this step during or before their divorce regret it.
First, you need to consult an attorney specializing in this field. Then, get in touch with the top rated probate attorney in Orange County for the best outcome.
Retaining Control Over Your Assets
A common misconception among new divorcees is that filing will automatically revoke the arrangements you made with your spouse, whether in the form of an old will or trust. As a matter of fact, these old agreements and beneficiary designations can not be altered until the divorce is finalized. That is why it is advised to contact an estate planning attorney and redo your will the minute you decide to divorce your spouse.
Remember that during the divorce, your current spouse will retain certain rights. While it is vital to ensure you meet your legal obligations to your spouse, it is also necessary to maintain control over your assets. You have to take precautions keeping in mind that you can die or become incapacitated before the divorce.
A Basic To-Do List
Update Your Estate Plan Regularly
It is wise to make a habit of updating your estate plan regularly, mainly when significant life-changing events occur in your life or your intended beneficiaries’ lives. For example, events like births, deaths, marriages, divorces, and others. Reviewing your plans and making changes to your estate planning with Florida enhanced life estate deed every few years is recommended by experts in the estate planning field of law, not only does this ensure smooth transfer of property upon your death, but it will also help to avoid any probate processes which can become costly and stressful for those you leave the property for.
Update Your Health Care Proxy
No one wants their ex-spouse to be in charge of them when they are incapable of making decisions for themselves. For instance, suppose you are in a car accident and end up in the ICU. Who do you want to make health care decisions for you? The health care proxy should be someone you trust with your life – literally, which might not be your ex-spouse when you are in the middle of a divorce.
Switch Your Power of Attorney
At some point, you and your spouse probably decided to execute powers of attorney. First, try to locate them and contact the attorney who drafted them for you. If, by any chance, it is a durable power of attorney, then it means your spouse has access to your accounts and assets even if you are competent. This could ruin you if you are not on the best terms with your ex-spouse. As a result, you need to revoke that power of attorney and get a new one executed through your attorney.
Update Your Will
If your state allows you to execute a new will, take advantage of that. Remove your ex-spouse as an estate executor. Assign reliable guardians for your minor children.
Revisit Plan Following Divorce
Estate planning during divorce is usually just a precautionary measure. But, when the divorce is finalized, you should revisit your estate plan. In addition, ensure you update beneficiary designations to avoid litigation and unintended consequences following your death.
