How Does Divorce Affect My Estate Planning In California?
Going through a divorce can be an overwhelming experience, and it can have a significant impact on many aspects of your life. One aspect that often gets overlooked is estate planning. When it comes to divorce and estate planning in California, there are several things you need to consider to ensure that your wishes are followed, and your assets are protected.
In this article, we will explore how divorce affects estate planning in California, what you need to know, and how to navigate the process.
Protecting Your Assets
One of the primary reasons to seek professional help for estate planning when going through a divorce is to protect your assets. Divorce is often a high-conflict situation, and the division of marital assets can be particularly contentious. By working with an estate planning attorney, you can ensure that your assets are protected and that your wishes are properly documented. This can help to prevent your assets from being divided in a way that you do not agree with.
Ensuring Your Children Are Taken Care Of
Another important consideration in estate planning during a divorce is ensuring that your children are taken care of. You may want to set up a trust or other financial arrangement to ensure that your children are provided for in the event of your death. An estate planning attorney can help you to structure these arrangements in a way that is legally sound and considers any ongoing issues related to the divorce.
Avoiding Probate
Probate is the legal process that occurs when someone dies without a will or proper estate plan in place. This can be a lengthy, public and expensive process and can result in your assets being distributed in a way that does not reflect your wishes. By working with an estate planning attorney, you can develop a plan that avoids probate altogether, ensuring that your assets are distributed according to your wishes.
Updating Your Estate Plan
It is important to remember that going through a divorce may impact your existing estate plan. You may need to update your will, trusts, and other documents to reflect your new circumstances and ensure that your wishes are still being met. An estate planning attorney can help you to understand the impact of your divorce on your estate plan and can guide you through the process of updating your documents as needed.
Reevaluate Your Beneficiaries
Another crucial step in estate planning after a divorce is reevaluating your beneficiaries. This includes any life insurance policies, retirement accounts, and other assets that pass outside of probate. Your spouse may have been the primary beneficiary on these accounts, and it’s crucial to make sure that they are updated to reflect your new wishes and circumstances.
Modify Your Trust
If you have a trust, you will need to modify it after a divorce. This can be especially important if your trust is a joint trust with your ex-spouse. You may need to create a new trust or modify the existing one to reflect your new situation. This will ensure that your assets are protected and distributed according to your wishes.
Seek Professional Help
Going through a divorce is a major life event, and it’s natural to become overwhelmed with all of the legal and financial details involved in the process. That’s why seeking professional help with estate planning in California can make all the difference when it comes to protecting your assets and ensuring that your wishes are carried out. With the help of an experienced attorney, you can create a solid plan for dividing your property, updating your will and trusts, and ensuring that your loved ones are taken care of after your passing. Don’t leave your future to chance–reach out to a trusted legal professional today to help you navigate the complexities of estate planning during divorce.
Contact Desert Law Group in Palm Springs Today!
Going through a divorce is never easy, but it’s important to remember that estate planning is an essential step in protecting your assets and ensuring that your wishes are followed. If you’re going through a divorce or have recently been divorced, it’s crucial to update your estate plan, reevaluate your beneficiaries, modify your trust, consider guardianship, and seek professional help.
At Desert Law Group Lee Kimberly Attorney At Law, we specialize in estate planning and can help you navigate the process and ensure that your assets are protected, and your wishes are followed. Contact us today at 760-481-1144 to schedule a consultation.
