If your marriage has dissolved and you no longer are planning to stay with your spouse, you are likely discussing divorce. For most couples, going through a divorce is extremely emotional and stressful. Each spouse’s life will almost completely change as they will head out into the world as a single person. When children are involved, divorce becomes considerably more complicated. While divorce is not easy and there are many considerations that must be taken into account and acted on, the best way to move forward is with the right legal guidance.
Protecting your wealth is incredibly important in the face of a divorce. While working with a divorce attorney is a logical step in the process, these legal professionals may not be in the best position to prepare you for the necessary actions you must take to protect your wealth. For this reason, it is always a good idea to connect with a Los Angeles estate planning attorney when divorce is on the horizon. There are several aspects of your estate plan that should be adjusted to account for your new life circumstances.
What Should You Change in Your Estate Plan When You Get a Divorce?
There are many pieces to a comprehensive California estate plan that should be looked over and modified including:
- It is normal to have a desire to remove your ex-spouse from inheriting money and other assets from your will. Should you pass on, you may likely prefer your wealth to go to other heirs. For this reason, it is necessary to revise and update your will with an established California estate planning attorney either during your divorce or soon after so you can be sure that your estate will be distributed based on your true wishes.
- The state of California is large and according to the U.S. Census Bureau, there were approximately 39,512,223 people living in California in 2019. If you have trust as well as a will, you are one of the very many Californians who also use this combination to manage the transfer of their estate after death. If you want to keep your ex-spouse as a beneficiary of your trust, it will be your job to have them reinstated. The same is true if you want your ex-spouse to get no financial benefit from your trust. Updating who the beneficiaries are will better ensure that access to funds in your trust gets in the hands of those that you have chosen.
A divorce from your spouse can change the way you want to handle your wealth and therefore, reviewing your estate plan is important to see if changes must be made. While there is a lot of moving parts and things happening when you are going through a divorce in California that can be dividing your attention up quite substantially, forgetting to look over your estate plan should not be something you neglect to do or put off.
If possible, making changes to your estate plan before your divorce is final is in you and your desired heir’s best interest. Should something happen while you are in the midst of your divorce and you die, your desires may not be carried out the way that you would have wanted them. This means that if you wanted your ex to be excluded from your estate plan, that may not happen. This is especially true when minor children are involved.
Speak to a Los Angeles Estate Planning Attorney Today
The Leiva Law Firm has qualified and skilled Los Angeles estate planning lawyers to help you keep your affairs in order. To schedule a free consultation with one of the Los Angeles business attorneys at Leiva Law, please call (818) 519-4465 today.