» Estate Issues To Consider During Divorce

Estate Issues To Consider During Divorce

Fairfax, VA (Law Firm Newswire) November 27, 2012 – According to Fairfax divorce attorney Lisa McDevitt, there are several changes an individual may wish to make to their estate plans when they divorce their spouse.

“One of the things you should check is if you need to rewrite your power of attorney,” says McDevitt. “Your divorce may not invalidate your will, but may invalidate your spouse as power of attorney.”

If a divorced couple on good terms wishes to keep each other as “attorney in fact,” it is advisable to check with the divorce attorney during the proceedings and work with an estate planning lawyer to ensure power of attorney is valid. If there is an Advanced Health Care Directive in place, the ex will be able to make medical decisions and, unless modified, it will remain in effect regardless of the patient’s marital status.

A newly divorced individual should also rewrite their last will and testament to reflect any changes, including removing the ex-spouse from inheriting the bulk of the estate. If there are retirement plans in place, the beneficiary of any retirement accounts, including IRAs and 401(k), should be updated. Check with the financial institutions where the retirement accounts are set up to update the beneficiary designation. Also, update any life insurance policies, including changing the beneficiary designation, and work with a financial advisor to see if policy amounts should be changed, depending on any minor children or other dependents.

Are there other bank or brokerage accounts, annuities, or health savings accounts? Typically, those also have beneficiaries and should be updated. If there is a joint account with a shared safety deposit box, the items therein need to collectively be sorted and allocated, and the lease on the box should be canceled.

Child custody is another issue to revisit – though the other spouse typically would get full custody in the event that something happens, there may also be trusts, or other estate planning documents that need to name the guardian of minor or disabled children, in the event of the spouse’s death.

There are numerous estate and legal issues to be decided when divorcing. Work with an experienced divorce attorney to find out what estate issues are affected by a divorce.

Lisa Lane McDevitt
2155 Bonaventure Drive
Vienna, VA 22181
Phone: 571-223-7642
Toll Free: 866-602-7850
http://www.mcdevittlaw.net/

  • When filing for a divorce, finding fault is not always necessary
    If there was ever an appropriate circumstance, divorce proceedings would seem a prime candidate for an exercise in finger-pointing. However, legally speaking, there are situations in which spouses parting ways should seek what is known as a no-fault divorce. Traditionally, some sort of misconduct has formed the grounds for a divorce. But modern divorce laws […]
  • As circumstances change, ‘Last Will and Testament’ may not be final word on an estate
    “Last Will and Testament” is a popular title for the document in which a person, known as a testator, names one or more people to manage his or her estate and provides for the distribution of his or her property after death. But when a person’s life circumstances change, a “Last Will and Testament” may […]
  • When a couple divorces, debts as well as property must be equitably divided
    Marriage can be likened to a business contract, and when that contract is dissolved during a divorce the division of assets is an important and often contentious matter. But debts are an equally important matter to resolve when any contract, including marriage, terminates, as any debts a couple holds will also be allocated between the […]

See other news sources publishing this article. BETA | Tags: , , , , , , ,



Get headlines from Law Firm Newswire sent right to your inbox.

* indicates required