Wills, Trusts, and Updating Important Documents After Divorce
Going through a significant life transition means it’s time to update your legal documents. This means wills, trusts, and other vital records need to be revisited to reflect your new circumstances when you are going through a separation and divorce.
Failing to update documents can lead to unintended consequences, such as your ex-spouse retaining control over your assets or healthcare decisions. A West Palm Beach family attorney can guide you through this process, ensuring that your wishes are accurately reflected and legally binding.
Differences Between Wills and Trusts
A will is a legal document that outlines your wishes for how your assets should be distributed after your death. It allows you to name an executor, who will manage the distribution of your estate, and specify beneficiaries to receive specific assets.
In Florida, any assets not specifically addressed in a will typically pass through the state’s intestacy laws, which determine how assets are divided if someone dies without a valid will. For those undergoing divorce, it’s essential to update your will to reflect your new relationship status. Otherwise, your ex-spouse may still be entitled to a share of your estate or have control over important decisions.
Another estate planning tool is a trust. Unlike a will, a trust can be established and managed during your lifetime or set to take effect upon your death.
Trusts offer more privacy than wills because they don’t go through probate court, and they can provide greater control over how and when assets are distributed. During or after a divorce, you may want to revise your trust to change the beneficiaries, trustees, or asset allocations to better suit your current situation.
Key Legal Documents to Review After Divorce
In addition to your will and trust, there are several other legal documents that should be reviewed when ending a marriage.
- Power of attorney. If your ex-spouse is listed as your power of attorney, meaning they can make financial or legal decisions on your behalf, you’ll likely want to designate someone else.
- Healthcare directive and living will. This document outlines your healthcare wishes in the event you’re unable to make decisions. If your ex-spouse is listed as your healthcare proxy, it’s important to replace them to ensure someone else you trust can make decisions.
- Beneficiary designations. Review and update beneficiary designations on life insurance policies, retirement accounts, and other financial assets.
- Guardianship of minor children. If you and your ex-spouse share children, arrangements for guardianship and custody need to be established.
You don’t have to figure out what needs to be done on your own. A West Palm Beach family attorney can ensure that all your legal documents reflect your current wishes. They can also assist in making sure these changes comply with Florida laws and protect your assets for the future.
Could a separation mean it’s time for you to review your estate plan? Talk to the family lawyers at Bruce S. Rosenwater & Associates to be sure you are assessing the correct documents and modifying them properly. Schedule a confidential consultation today.
