Divorce & Estate Planning
The Importance of Estate Planning Documents When Divorcing in Florida
Few couples enter marriage already anticipating divorce; otherwise, why would they go through with the wedding. People also do not marry, contemplating their eventual deaths. They are thinking of the full lives ahead of them to spend together. For these reasons, estate planning ends up getting pushed back of mind. Couples may believe that their assets will naturally pass down to their children or parents.
But while conversations surrounding untimely deaths or the potential of divorce are uncomfortable, they are necessary to have. Because while you and your spouse may have created an estate plan and assigned beneficiaries, that agreement on who should inherit your assets may change when you part ways. Here are the top reasons why discussing estate planning with your divorce lawyer is crucial:
Legal Safeguards Protect Assets and Persons
Estate planning documents like Powers of Attorney, Durable Powers of Attorney, Last Will and Testaments, Healthcare Surrogates, and Living Wills protect your assets and the people important to you. If you do not update these during a pending divorce and you die before your divorce is finalized, the last provisions in your estate plans will remain effective. This means that all your assets may still go to the spouse you are in the process of divorcing. A recent example of this is Radio Host Larry King. He was in the middle of a divorce and died. There is currently litigation of whether a handwritten last-minute change is a valid will under state law.
Provisions of a Will That Become Void Upon Divorce
According to Florida Statutes 732.507 on Estates and Trusts, “any provision of a will executed by a married person that affects the spouse of that person shall become void upon the divorce of that person or upon the dissolution or annulment of the marriage.”
While this seems reasonable given that you’re divorcing and don’t want your ex-spouse to be entitled to your assets after your death, this poses a problem if they are the only person named in your will. This may cause family drama should adult children or relatives feel entitled to an inheritance.
Protecting Your Beneficiaries
Assets that do not go through probate include life insurance policies, employee benefit plans, bank accounts, and individual retirement plans. Until the divorce is final, the spouse named the beneficiary in the estate plan will still be entitled to inherit these non-probate assets. Protect your beneficiaries by updating your estate planning documents as soon as you begin the divorce process.
If your beneficiary is a minor child, remember that Florida state laws require guardianship until your child turns 18. Update your estate planning documents if you don’t think it is acceptable that your ex-spouse, appointed guardian, may gain control of the assets you leave behind to your child.
Conclusion
When you first created your estate plan, you may have only named your spouse as the sole beneficiary. And even if your ex-spouse is no longer entitled to your assets once your divorce is finalized, you should still update your estate planning documents to ensure your assets are allocated based on your final wishes. A lot can change over the years; you may have children, commit to a charity, or belong to an organization.
It is also important to remember that some divorces can take years to resolve. Much can happen during a multi-year divorce battle, making it crucial to prioritize estate planning.
If you would like to discuss the specifics of your estate planning and divorce or need help with other family law issues call Debora A. Diaz Esquire at 727-846-1802 to schedule a consultation or use the Scheduling Link: https://deboradiazlawscheduling.as.me/. At this time, all consultations are by telephone or video conferencing in order to protect our staff and clients.
Attorney Diaz practices exclusively in divorce and family law in Florida. Debora A. Diaz is also a Florida Supreme Court Certified Family Mediator.
Contact Debora A Diaz today to learn more about the importance of estate planning and divorce.
Written by Debora A. Diaz, Esq.