Will Your Kids Still Inherit After the Divorce?
During a divorce the importance of updating estate planning documents is often overlooked. You could inadvertently disinherit your children if your ex-spouse decides to remarry.
The timing is particularly crucial in the process of “disinheriting” a spouse. Disinheriting your spouse is not as easy as writing them out of your will or your trust. In most states, unless there is a prenuptial or postnuptial agreement, it may be impossible to do. There is a legal concept known as “elective share” which protects the right of a spouse, while married, to inherit a portion of your estate in the event of your death.
What can you do? Get our guide: How to Disinherit Your (Ex)Spouse (link)
Before Divorce
- Update Power of Attorney
- Update Healthcare Directives
- Determine if your will or trust can be modified
During Divorce
- Consider an Automatic Restraining Order so neither spouse can make the changes noted above. Careful! It may freeze assets and accounts.
- Or come to terms with a separation agreement.
After Divorce
- You should update all your beneficiary designations
- You can amend or modify your estate plans including your will.
- You can establish a trust separate from your ex-spouse
- You can establish guardianship for your children
- You can consider stepchildren now and future.
- We recommend getting an estate planning attorney involved as this can be very complicated.
