While a divorce may be an emotional event for a Florida resident, it is important to think about the estate planning ramifications. For instance, it could be necessary to remove a former spouse from any power of attorney duties. It is also a good idea to take a look at an existing will and trust.
Estate planning documents will generally need to be updated after a marriage is officially over. Amending a trust can ensure that an ex-spouse doesn’t have direct control over money that is meant to benefit a young child. One may also want to move trust assets that were originally planned as gifts to a former spouse. An individual should review the law in their home state to determine if they are required to leave a certain portion of their estate to a spouse.
Furthermore, one should review state law to determine if they are able to update beneficiary designations before the divorce is official. If a person had a prenuptial agreement with a former spouse, this may play a role in determining what an estate plan looks like going forward. Regardless of what changes are made, an estate plan should be reviewed after a divorce to make sure that it functions as intended.
An attorney might be able to offer estate planning strategies to a divorcee. These strategies could involve changing beneficiary designations at the earliest possible opportunity or updating a will. They may also include changing the trustee on a revocable trust from a former spouse to someone more suited to overseeing everything. If a prenuptial agreement exists, a lawyer could review it to determine if the document is still valid under state law.
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