On behalf of The Law Office of Wickersham and Bowers posted in Family Law on Monday October 21st, 2024.
Going through a divorce can be challenging, and it is easy to overlook some of the less obvious things, such as your estate plan. After a divorce, there are often many loose ends, and if you do not update your estate planning documents, you could run into problems later on. Your will, trust, and even power of attorney can be affected. Let’s look at how you can make sure your plan reflects your new life situation.
Your Will and Trust Will Need Changes
One of the biggest changes that happens after a divorce is how your will and revocable trust are handled. Under Florida law, any part of your will that leaves something to your ex-spouse becomes invalid after the divorce unless you specifically state otherwise. This is important to know because if you do not update your will, the state may have to be involved in distributing those assets.
Similarly, if you had your ex-spouse listed as a beneficiary in your revocable trust, Florida law will treat it as though they predeceased you, meaning they no longer have a claim. If you do not update this, your trust might not distribute your assets the way you intend.
Update Your Beneficiary Designations
Do not forget about your beneficiary designations either. These are the people you have named to receive your life insurance policy or retirement accounts. After a divorce, Florida law automatically cancels your ex-spouse as the beneficiary unless you make it clear that you still want them to receive these assets. If you do not update these designations, the assets might end up being distributed by the state.
Power of Attorney and Health Care Decisions
If your ex-spouse was named as your power of attorney or health care surrogate, you will need to change that, too. In Florida, once you file for divorce, your ex-spouse’s authority as your power of attorney is revoked automatically. The same goes for health care decisions. It is a good idea to name someone else so that your ex is not the one making decisions for you if you become incapacitated.
Take the Next Steps
After a divorce, you must ensure your estate plan reflects your new reality. If you are unsure where to start or if you need help making these changes, reach out to Wickersham & Bowers. We can guide you through the process and ensure your estate plan reflects your wishes.