Michael E Weintraub Esq if you are planning a divorce, you must review your estate plan. To ensure that it reflects the change in your life. You should update your documents even if you have not initiated the divorce proceedings or even. When it is already underway because the law considers you as married till the final decree dissolves the marriage. Doing this is important because in case you are mentally incapacitated, or pass away before. The divorce is granted, your spouse will perhaps be entitled to your assets. Which may not be what you intend. Michael E Weintraub esq summarizes the most important documents you should update when getting divorced:
Michael E Weintraub Esq Your Will and Last Testament
Usually, most states will invalidate any provision made in the will that benefits your former spouse. Rather than revoking the entire will, the interpretation is as if your former spouse has died before you. However, some state laws provide for the revocation of the entire will, while in some others the divorce has no impact. On the will allowing the spouse full rights to your estate. To ensure that your will is not subject to interpretation by any state law, you should update. It includes only the beneficiaries you intend that should receive your estate after your passing.
Your Trust Should Be Revocable, Advises Michael E Weintraub esq
If you die before the final decree of the divorce and you had including your spouse. In your will, then the law will ensure that your estranged spouse will inherit your estate. However, if you had set up a revocable living trust. However, for this to happen, the trust should be revocable as irrevocable trusts cannot be changed. It is, therefore, important to specify that after the divorce, your former spouse should be removed as a beneficiary.
Michael E Weintraub Esq Power of Attorney
A power of attorney in favor of your spouse will be revoked in most states. When an action for divorce is filed, observes Michael E Weintraub esq. Since the estranged spouse can use the power of attorney. However, if the power of attorney includes the appointment to act as a guardian, the filing of the divorce will not void it automatically, rather, the court will decide on its merits. Upon the divorce being final, the appointment as guardian of the ex-spouse is revoked.
The Living Will
Whether filing for a divorce or its award will revoke the spouse’s designation. As an agent to take care of your health is a grey area. However, in most cases, the law allows the appointment of the agent under a living. Will be terminated on divorce as if the ex-spouse had predeceased.
When considering a divorce or in the process of getting it, you should discuss your situation with a trusted estate attorney to ensure the best protection of your estate.