This article is the second in a three-part series regarding estate planning during and following divorce. Last week Mr. Hollister addressed the necessity of updating your estate plan during a divorce. Next week the final article in the series will discuss updating your estate plan upon remarriage. You can find last week’s article at www.carnaclaw.com/news-and-events.
Once your divorce is finalized, there are several important considerations to keep in mind regarding your estate plan. One of the key things to note is that your ex-spouse may still be listed as a beneficiary in your will or other estate planning documents. It is therefore crucial to review and revise your estate plan to reflect your new circumstances and to ensure that your assets are distributed according to your wishes.
California law revokes most pieces of an estate plan that would provide the former spouse with substantial power or property. The law says that unless the creator of the will specifies to the contrary, a legally finalized divorce “revokes the appointment of property” or gifts to the former spouse. While this law helps ensure that none of your assets are inadvertently left to your ex-spouse, it is important to update exactly where items that were formerly assigned to your ex-spouse are to go now that your divorce is finalized.
To be cautious, you will not want to update your will until your marriage is dissolved by the court. Additionally, if your ex-spouse is named as the executor of your estate or as a trustee of your trust, you may want to reconsider those appointments. It is essential to choose someone you trust to handle your affairs and make decisions on your behalf in the event of your incapacity or death.
Another important aspect of your estate plan to consider once your divorce is finalized are joint assets that you and your ex-spouse held together while married. These assets may be retitled or redistributed as part of the divorce settlement. It’s crucial to update your estate plan to reflect these changes in ownership or beneficiaries to avoid any confusion or disputes down the line.
Furthermore, if you have children from the marriage, you may need to update your estate plan to ensure that they are provided for in the event of your death. This may include setting up trusts or other mechanisms to protect their inheritance and ensure that their needs are met.
In conclusion, when your divorce is final, it’s essential to review and update your estate plan to confirm that it aligns with your new set of circumstances. Working with an experienced estate planning lawyer will help to ensure your new plan fills in any gaps that may have been created by divorce and that it is legally binding. By taking the time to make these changes, you can protect your loved ones and preserve your legacy in the way you intend.
Brooks J. Hollister is an attorney at Carmel & Naccasha specializing in wills, trusts & estate planning as well as corporate and business transactions. If you have any questions about this article, or for further questions you may have regarding estate planning, please contact attorney Brooks Hollister at bhollister@carnaclaw.com or (805) 546-8785.
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