Generally, when a couple is married, they plan their estate together and they assume that their plan will come to fruition. However, when a couple is headed towards divorce, they are facing an uncertain future and may need to reconsider their estate plans separate from their spouse. When divorce is on the table, it is important to meet with an experienced estate planning attorney to protect oneself and one’s estate as soon as possible from the consequences of divorce.
It is important to be aware that if an individual files for divorce, their options to modify certain parts of their current estate plan may be limited. It will be a good idea to change the beneficiary for life insurance or retirement plans because traditionally, the surviving spouse will receive such benefits. If an individual passes away before the divorce is finalized, the spouse they were separating from may receive much of the estate. In addition, one’s spouse is often chosen to make financial and medical decisions on their behalf if they become incapacitated. Many people do not feel comfortable having their former spouse make such important decisions for them.
Therefore, updating all aspects of one’s estate plan is crucial as soon a divorce begins. If you are headed towards divorce and need to make changes to your estate plan, contact our firm today.
Working with an experienced estate planning attorney, such as Jaci Feldman of the Woodland Hills, California, Law Office of Yacoba Ann Feldman, will ensure that you are taken care of when you need it most. Contact The Law Offices of Yacoba Ann Feldman to schedule a consultation today.