Steps to Follow After Divorce
People in the process of terminating their marriage by a divorce decree should consider the impact their divorce will have on their estate planning and incapacity planning documents. Very often individuals will live separated either informally or under a decree of separation prior to formal divorce. In some circumstances it is not possible to revise one’s estate plan prior to the finalization of the divorce. Once a divorce is final however, it is especially important for individuals to consider the following revisions:
- Revise Will and any Revocable Trust to address dispositions and fiduciary appointments to the former spouse. Although Connecticut General Statutes do provide in Section 45a-257(c) that a disposition or fiduciary appointment made by Will is revoked after divorce, the statute does not apply to couples legally separated. Moreover, the statute does not apply to the provisions of Revocable Trusts.
- Review and potentially revise the Guardian Clause in Will.
- Revoke Power of Attorney in favor of former spouse. Consider executing a new Power of Attorney in favor of an alternative attorney-in-fact.
- Revise Living Wills and Appointment of Health Care Agent. Consider the appoint of an alternative Health Care Agent.
- Revise all beneficiary designations in favor of former spouse. IRA’s, 401(k)’s, Life Insurance Policies, and certain annuities pass by beneficiary designation at death. All such accounts and policies should be reviewed.
Holland Law Offices has extensive experience in Estate Planning and Asset Protection tailored to the particular needs of individuals and families. Contact Paul G. Holland Jr. for an initial consultation at 860-415-0075 or email@example.com.
It’s a sad statistic, but one that is important to consider: Half of all marriages end in divorce.
Admittedly, estate planning documents might not be top of mind when your marriage dissolves, but Stonington attorney Paul Holland says there are some things you need to consider sooner rather than later.
- Revise your will or any revocable trust as it applies to your spouse. Connecticut does offer some legal protections regarding your will, following a divorce, but it doesn’t apply to couples who are legally separated or to revocable trusts.
- If you have minor children, review and, if necessary, revise the guardian clause in your will.
- Revoke the power of attorney you likely gave to your former spouse. Consider executing a new poa that names an attorney in fact.
- Revise your living will and appointment of a healthcare agent. You probably want your former spouse making potential life and death decisions for you.
- And don’t forget to change the beneficiary on your IRA 401(k) life insurance and other annuities.
Finally, review all jointly owned assets, bank accounts and property are the most likely to fall into this category.
It’s a lot to consider, especially during such an emotional time as the dissolution of your marriage. So, call Paul Holland law offices or visit hollandprobatelaw.com .
“Paul asked me all the right questions and took the time to focus on my unique child custody situation regarding my divorce. Paul really listened and then covered parts of the process I had not even considered.“Patricia
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