A Divorce Can Affect Your Estate Plan
A divorce can, and often does, reshape your life in ways that are both big and small. But, one of the things that is often overlooked, during and after the divorce process, is the ways in which your estate plan shifts.
Going over the ways in which a divorce can affect your estate plan, and speaking with an experienced estate planning lawyer, will allow you to protect your assets.
How Does A Divorce Affect Your Estate Plan?
A divorce can affect your estate plan. Out of all the ways a divorce can affect your estate plan, though, the following are some of the most significant:
- If you have provisions in your will that leave property to your former spouse, those may be voided as a result of the divorce.
- If you have provisions in your estate plan that designate your spouse with the power of attorney, those may be voided as a result of the divorce.
- If you have provisions in your estate plan that set up your former spouse as a personal representative, in any capacity, those may be voided as a result of the divorce.
Just as an example, if you leave your house to your spouse, then it is likely that this provision will be voided after the divorce. But, this does not apply to any other provisions; only those that involve your former spouse.
The facts outlined above to nearly every facet of your estate plan. If you have a will that serves as a core part of your revocable trust, for example, then the provisions relating to that spouse may be voided.
Should You Update Your Estate Plan After A Divorce?
The answer to the question outlined above is “Yes.”
If you get a divorce, then it is of the utmost importance that you update your estate plan. There are three major reasons for this, all of which are as follows:
- Many of the provisions involving your former spouse may be voided.
- You may not want to give your former spouse the assets you once set aside for them.
- A failure to update your estate plan could lead to your wishes not being honored.
A good example of the above is as follows: if you want to give your daughter the car that you own, but you never update your estate plan to reflect that, it could go to your former spouse.
On the other hand, if you do update your estate plan, then any of the issues that may arise, due to provisions that were never removed or updated, are unlikely to occur.
Every single one of your estate planning wishes will have been clarified. And, as a result, all of these wishes will be honored, ensuring that your chosen beneficiaries receive what you wish to give them.
Speak With A Florida Estate Planning Lawyer Today
If you would like to update your estate plan, working with an experienced lawyer is wise. Speak with a Florida estate planning lawyer at Millhorn Elder Law Planning Group today and we will help you develop an estate plan that satisfies your wishes.
Sources:
leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&URL=0700-0799/0736/Sections/0736.1105.html
leg.state.fl.us/STATUTES/index.cfm?App_mode=Display_Statute&URL=0700-0799/0732/Sections/0732.507.html