Divorces in the State of Florida and elsewhere can be both life-changing and contentious events. A divorce alters not only a personal relationship but it also likely impacts the respective spouses’ finances. If you are in the midst of divorce proceedings, it is usually best to review and update your estate plans, including Revocable trusts, wills, powers of attorney, healthcare documents, beneficiary designations, etc.
The experienced attorneys at The Legacy Law Firm understand the personal and financial difficulties that often accompany divorce proceedings in Florida. Our lawyers can assist you with updating all of your estate planning documents to ensure that all of your assets go to the proper beneficiaries. We can also discuss other assets to ensure your beneficiary designations are current. Call us today at (954) 999-9683 or contact us online for more information about how we could help you update your estate planning documents.
Specific Documents to be Updated
If you are contemplating divorce in Florida – or if you are already in the middle of divorce proceedings – there are several types of estate planning documents which you should consider updating. Some of the specific documents you should consider updating include:
● Wills – In the State of Florida, divorce can be used as a means of effectively removing an ex-spouse from an individual’s will. However, if the person’s will does not lay out what should happen to certain assets if the spouse ceases to be a beneficiary, the property could pass according to the laws of intestate succession. Consequently, if you are divorcing, you should review the will language and revise, if necessary, so that certain assets pass to the desired individuals.
● Designations of beneficiaries – Beneficiary designations are common with savings accounts, life insurance policies, and some retirement accounts. If a former spouse had been designated as a beneficiary, that designation will need to be amended as part of the divorce. In most instances, a judgment of divorce signed by a family court judge is not sufficient to change a beneficiary designation.
● Retirement accounts – In some instances, when a couple decides to divorce, a Qualified Domestic Relations Order, commonly known as a QDRO, may be necessary. This document, which is also a court order, establishes how retirement benefits will be distributed among divorcing spouses.
● Advance directives – When spouses divorce in Florida, the law revokes any spousal designation on an advance directive (i.e., where a spouse has certain decision-making powers on behalf of the other spouse who is incapacitated). Since the ex-spouse no longer has the power to make medical decisions on behalf of the disabled spouse, another person should be named on the advance directive.
Talk to an experienced Estate Planning Lawyer Today - Offices in Coral Springs and Delray Beach
If you are in the midst of divorce proceedings, it is important that all of your estate documents be reviewed thoroughly – and that they be updated, if necessary. At The Legacy Law Firm, our attorneys can help you do just that. To schedule a free consultation or case evaluation with our estate planning lawyer, please give us a call at (954) 999-9683 or contact us online today to learn more about how we could assist you with all of your estate planning needs.