Did you know?
Every person needs to have an estate plan in place to assure that their assets will be distributed, and their children protected, according to their wishes upon their death. Furthermore, estate plans should be updated regularly, especially upon the occurrence of major life events such as marriage, birth, adoption, divorce, or if a named beneficiary dies.
Family Law Center is pleased to announce that we not only offer Sacramento divorce attorney services, but also offer affordable estate planning services for the Sacramento area. Whether you need a new estate plan or an update to an existing estate plan, we can help you.
How divorce affects your existing estate plan
* Executor of your estate, generally, a married person will appoint his/her spouse as primary executor. Upon divorce, it is wise to change your executor, or reaffirm your former spouse as executor, if desired.
* Distribution of assets, the provisions you made during marriage for distribution of your assets may no longer reflect your wishes.
* According to state law, if you die and have not updated your will:
- Any gift to your ex-spouse will be automatically revoked.
- Any gift to your ex-spouse’s children (who are not your children) may be revoked.
- Nomination of your ex-spouse as executor will be revoked; if you did not name an alternate executor, the court will appoint one for you.
Revocable Living Trusts
* Your trust is not affected by your divorce and remains revocable by either spouse at any time. We therefore recommend that your current trust be revoked and a new trust drafted to reflect your needs and wishes more appropriately; you should then re-title your assets to the new trust as soon as possible.
Advance Health Care Directives and/or Durable Powers of Attorney
* Generally, a married person will appoint his/her spouse to act as agent for health care and financial decisions. After divorce, it is important to revise these documents to appoint a new agent, or reaffirm your former spouse as your agent, if desired.
* After divorce, it is very important to update your estate plan to reflect whom you would nominate as guardian for your children.
Please contact us today to schedule an appointment. Our Sacramento estate planning attorneys look forward to working with you.
Family Law Center represents business owners throughout the greater Sacramento area including: Sacramento, Antelope, Auburn, Cameron Park, Carmichael, Citrus Heights, Davis, El Dorado Hills, Elk Grove, Fair Oaks, Folsom, Granite Bay, Placerville, Rancho Cordova, Rocklin, Roseville, West Sacramento, Woodland and the counties of Sacramento, El Dorado, Placer, Yolo, and more.
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