Divorce can be a difficult process with many details to consider. However, one of the larger details to consider is the estate plan. It can be a tricky road to navigate, but with solid legal advice and counsel, the details can be taken care of and your estate plan will reflect your wishes in your new life situation.
The Thornton Law Firm has the legal knowledge and experience to create an estate planning strategy through divorce proceedings. We make sure to keep things as fair and equal as possible.
4 main areas of an estate plan that must be updated after divorce proceedings are:
- Existing Wills Should Be Updated: Typically, spouses are named as executors and beneficiaries in a will. However,once the couple divorces, many states, including North Carolina, have laws that state that spouses will no longer serve those roles. The clauses in a will naming a now-ex spouse as a beneficiary will be revoked. If a former spouse is to retain a role from an original will, the specific terms should be included within the official divorce settlement or in a new will that is executed after the final judgment in the divorce proceedings is entered.
- Terms of Divorce: Practically speaking, the terms of a divorce settlement will often replace the terms of a will in regards to what property your ex-spouse will get from you. Once a settlement is reached, the new terms will dictate the actions that need to be taken and the parts of the original will in which the former spouse was named should no longer be valid.
- Your Powers of Attorney Should Be Updated As Well: If you had a durable or a health care power of attorney drafted during your marriage, you probably listed your then-spouse as your primary agent/decision-maker in those documents. Well, there’s good news and bad news here. The good news is that once a final divorce judgment is entered, North Carolina law in effect revokes any powers that your ex-spouse had under your powers of attorney. The bad news is that a final divorce judgment will not be entered for more than a year after your initial separation and until that judgment is entered, your old powers of attorney remain in effect (Note – the same principal applies to provisions relating to your spouse in your will as well). Most people probably don’t want their estranged spouses having the power to access your finances or making major medical decisions for you (or inheriting from you)! Most people will probably want to revise their powers of attorney in the early stages of your separation.
- Developing a New Estate Plan throughout Proceedings: Divorce proceedings may last a long time. Consulting an estate planning lawyer, a plan can be created to protect parties’ interests from the initial separation through the final divorce decree and beyond.
Factoring estate planning into divorce proceedings takes special guidance. I would be honored to help your family through this process. Simply schedule a consultation to discuss estate planning through divorce proceedings within the Triangle, contact Thornton Law Firm