When filing for divorce there are some estate planning factors to consider. In today’s society the word “estate” is used as a synonym for “wealth.” But the original meaning of the word “estate” was simply whatever a person owned at the time of their death. Consideration of all aspects of estate planning include choosing a new executor of your will if if needed, choosing a different medical power of attorney other than your spouse (especially if your divorce or situation is contentious), update all estate planning documents before the divorce is final, and updating your will and life insurance policies.
If you and your spouse currently have estate planning documents in place and are planning a divorce, your may consider revoking and restating all of the estate planning documents prior to filing for divorce. Your family lawyer will review the revocation provisions of the joint trust agreement to determine whether a notification is necessary to the other spouse. If there are no notification provisions in the estate planning documents, your jurisdiction’s probate law may have specific requirements regarding valid revocation and notice requirements.
If you’ve started divorce proceedings, most jurisdictions provide for Automatic Temporary Restraining Orders (“ARTOs”), which do not permit the revocation of a trust, the changing of life insurance beneficiaries and the changing of other “non-probate” transfers, retirement plan beneficiaries, pension plans, employee benefit plans and individual retirement accounts. The intent of the ATROs is to maintain the status quo of assets and ownership interests until the division of assets is complete.
If you have a question regarding Family Law in California please contact us at (818) 926-4420 or visit the Family Law section on our website at Law Offices of Anat Resnik. Call today and we will connect you with Anat Resnik, an experienced, aggressive, affordable Divorce and Family Law Attorney in California. After you have spoken with our California Family Law attorney, we can schedule you a free face to face appointment to discuss your circumstances. If you have questions or are considering any aspect of filing for Divorce, a Paternity issues, Child Custody and Visitation, Spousal Support & Alimony, etc. we can help! Call us now at(818) 926-4420. We look forward to hearing from you and assisting you with any and all family law needs.