When going through a divorce, there is a lot going on and many people will forget how important it is to update their estate plan. Even a simple divorce can take over a year to finalize and a lot can happen in that year that can jeopardize your final wishes.
It was recently discovered that Larry King had a will that excluded his estranged wife. At the time of his death, Larry King was in the midst of a divorce with his seventh wife. As can be seen in this article, Mr. King drafted a “secret” will that excluded his estranged wife and left everything to his children. Further complicating this process is that two of the children named in his will had already predeceased him.
While Mr. King’s estate plan is much more diverse and complicated than most people need, he is still running into some very common issues. Now, Mr. King’s estranged wife is challenging the will and it is likely that this matter will be wrapped up in expensive litigation that could have been easily avoided with an updated estate plan.
When going through divorce, the following will help to avoid these types of issues:
- Find a law firm that specializes in both divorce and estate planning. While you can seek help from two separate law firms, it will be most efficient to have your estate plan handled by the same firm that is handling your divorce.
- If possible, draft a new health care directive and power attorney prior to filing for divorce. If the divorce has already been filed, try to get this done as soon as you can. Without these documents, your spouse may have control over decisionmaking if something happens to you while your case is pending.
- You must update your beneficiary designations on all of your accounts. Properly updating your beneficiary designations is part of the estate plan and should be looked at when anything happens in your life.
- Create a dynamic estate plan. While most people think they only need a will, generally speaking a trust would better achieve the estate plan. A trust is not just for those with a lot of assets, it is for anyone who wants to ensure that their assets are truly protected or for anyone who has children who are still under the age of 18. A trust can be modified after the divorce is finalized or at any point that there is a major life change. Remember that if you pass away while your children are underage, the assets will flow to your ex-spouse, which may have been something that should have been avoided.
- At the very least, draft an updated simple Will that will last for the duration of the divorce. By drafting the updated will for the divorce, you will ensure that your estate plans are met if something happens during the divorce. Then once the divorce is over, create a more dynamic estate plan.
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