After a divorce, you will want to update your estate planning documents as soon as possible. You will usually want to wait until the divorce is finalized before making these updates, but there may be situations where it is appropriate to update your estate plan while divorce proceedings are pending.
An experienced estate planning lawyer could help you make these updates. Your attorney may knowledgeably review your situation during and after divorce, and help you make decisions about your estate plan.
There are several reasons you will want to update estate planning documents after a divorce. Removing your ex-spouse as a beneficiary may seem obvious, but there are also other considerations.
First, Florida law automatically revokes certain provisions in wills and trusts once a divorce is finalized. This prevents the former spouse from acting as personal representative, trustee, or inheritor. If you still want your former spouse to be included in your estate plan, this will need to be specifically addressed in the final order of divorce and estate planning documents.
Second, divorce can mean several changes in personal circumstances. Assets, intentions, and beneficiaries may differ pre- and post-divorce, especially if property is being divided. Estate planning documents should reflect these changes to your estate and wishes.
All estate planning documents should be updated after a divorce. This means revoking prior wills, trusts, powers of attorney, and living wills. You will want to carefully review your current estate plan and identify all documents associated with it, as it is critical to making your updates effective.
When making these updates, you will need to decide who will act as personal representative, trustee, and who will inherit. For those who had designated their former spouse in these roles and chose their spouse as primary beneficiary, these revisions can be significant.
In addition to estate planning documents, you will want to make sure beneficiary designations are updated on all payable-on-death accounts. This means verifying that the named beneficiary on all retirement accounts, life insurance policies, and bank accounts is updated and reflects your wishes.
Determining how soon to update estate planning documents after a divorce is an important, though often disregarded, decision. Once your divorce is finalized, you will need to revise your estate plan to reflect your new situation and estate planning goals.
Veliz & Associates, P.A. could assist you with this process. Call us to schedule a consultation and learn more about revising and updating your estate plan once your marriage ends.
We evaluate your case and determine how we might be able to help.
We will meet with you to discuss your next options and lay out a plan.
Our team guides you throughout the process so you feel confident about your choices.
(305) 250-9917