Florida Divorce Attorneys Helping with Estate Plan Revisions
No one gets married with an eye toward someday getting divorced, but when a divorce occurs, you’ll need to make a new estate plan. If you don’t update your estate plan, your money and assets could very likely end up in the wrong hands. If you have been divorced from your spouse, here’s what you need to know to revise your estate plan.
Revoke Your Will and Make a New One
The best way to revise your will after a divorce is to start over from scratch. Revoke your old will by destroying it and by stating in your new will that you are revoking all prior wills. While state law may automatically revoke any inheritance made to a spouse after a divorce, you still need to make a new will to reflect your current wishes.
Make Custody Provisions for Your Children
If you die and your ex-spouse remains alive, he or she will most likely get custody of the kids, even if you had full custody before your death. However, the court will appoint a guardian if the surviving parent is found to be unfit. Use your will to clearly write out any reasons you may have for wanting your kids to be placed in the custody of someone other than your ex-spouse in the event of your death.
Make a Living Trust
If you have assets that you want to leave to minor children in the event of your death, make a living trust. The trust can be the beneficiary of any bank accounts, brokerage accounts, life insurance policies, or other assets that you want to give to your children upon your death. Setting up a trust prevents your ex-spouse from controlling the funds, even if your ex-spouse gets custody of your children. You can also use the trust to protect the rights to the family home in any way that you see fit.
Designate New Beneficiaries
If your spouse is the beneficiary on your life insurance or financial accounts, you’ll need to designate a new beneficiary. The beneficiary of these accounts can be a living trust that you have set up for your minor children, a new spouse, or anyone you choose.
Change Your Powers of Attorney
You don’t want your ex-spouse to have financial or medical power of attorney after your divorce, so make sure to change these documents. Be sure to change your living will or advance directive so that your ex-spouse can’t make medical decisions for you. You can revoke these documents, or simply appoint someone else, even while your divorce is still pending.
The Jacksonville Attorneys of Beller & Bustamante, P.L. Can Help
Divorces are difficult for everyone involved, but if you don’t revise your estate plan, there could be an even bigger challenge for your family members later. Fortunately, our divorce lawyers can help.
The divorce and estate planning attorneys at Beller & Bustamante, P.L., have the knowledge and experience you need to properly plan your estate. To schedule a consultation, call us today at 904-288-4414 or use our online contact form to set up an appointment.