Divorce is an emotionally taxing experience, but it can also have significant implications on your estate planning decisions. In Florida, divorce affects how assets are distributed after someone passes away. This article outlines some of the key considerations to keep in mind when revisiting your will and estate planning after a divorce.
Update Your Will
A divorce revokes certain provisions in your will. Specifically, in Florida, the law treats your former spouse as though they died before you. This means any gifts or bequests to your former spouse are automatically voided. It also means they are no longer eligible to serve as an executor, trustee, or guardian. If you don’t update your will, the result can be unintended beneficiaries or a distribution scheme that no longer reflects your wishes.
Revise Beneficiary Designations
Beneficiary designations override what is stated in a will. After a divorce, it is important to review all beneficiary designations to ensure they reflect your current wishes. This includes life insurance policies, retirement accounts, and payable-on-death bank accounts. If you neglect to change your beneficiary designations, an ex-spouse could still inherit your assets.
Update Trusts
In addition to updating your will, it is important to review any trusts you previously established. If your trust designations included your ex-spouse as a beneficiary or trustee, you must change them. If you have a revocable trust, you can revoke or amend it entirely. If you have an irrevocable trust, you may need to petition the court to remove your ex-spouse as a beneficiary or trustee.
Seek Legal Advice and Guidance
Navigating the legal implications of divorce on your estate planning can be complex. It is important to seek advice from an experienced estate planning attorney. They can help you navigate the legal processes, ensure your documents are updated accurately, and make sure there are no issues with your estate plan that could cause unintended consequences.
Conclusion
Divorce can have significant implications on your estate plan. It is important to revise your will, update your beneficiary designations, and review your trusts to ensure they reflect your current wishes. Seeking legal advice and guidance can help ensure your estate plan is properly updated and will protect your assets and loved ones in the future.