Estate Planning After Divorce
As recently illustrated in the hit movie “Marriage Story” even when the parties to a divorce intend to proceed amicably, often acrimony can arise and proceedings can become costly and time consuming. After the dust settles and a settlement is finalized the last thing that which people want is more paperwork. However, at Kushner Legal Corporation we implore our clients to consider promptly attending to Estate Planning review and revisions immediately following a divorce.
Estate Planning Review Immediately Following a Divorce
Section 5040 of the California Probate Code addresses non-probate transfers to former spouse, such a transfers by way of a trust. This section of the Code allows the law to effectively treat the former spouse as though they had not survived the decedent. This can be problematic where an alternative beneficiary is not named and could create an intestacy which would then trigger the probate process.
Additionally, most Estate Plans drafted by lawyers in California contain many additional documents including powers of attorney, powers of appointments and health-care related documents which all need to be revised following a separation.
Your Wishes Have Probably Changed
After a divorce, decisions about your assets have likely significantly changed since your divorce. The beneficiaries of retirements accounts, investments, bank accounts and other assets need to be updated to align with your current wishes. Without updating your Will and Trust, your assets after death may not be distributed the way you would have liked and to the people you might have wanted. Updating your estate plan after a divorce is a critical decision that should be made as soon as possible.
Estate Planning Consultation with Kushner Legal Today!
If you are recently divorced or separated, contact an estate planning lawyer at Kushner Legal today to schedule an Estate Planning consultation. We can help guide your decisions in the best way possible based on what you want today, not yesterday.
Lars Kushner is an experienced attorney in estate planning and litigation strategy. He works directly with you on an individual basis to ensure your needs are met.