Do’s and Don’ts of Estate Planning During a Divorce

Written by Silicon Valley Estate Planning Attorney Carmen Rosas
 
Scrabble
 
 

Over the past few weeks, I have had a few client’s contact me regarding making changes to their estate plans while they are going through the divorce process. Some things can be changed, while others can’t.

For example wills and powers of attorneys can be changed to reflect someone other than your spouse as the agent or executor. You might not want your soon-to-be ex making decisions regarding life support or important medical decisions while the divorce is pending!

Below is a list of common assets that get overlooked after a final divorce decree is signed (i.e. “loose ends” that are never tied up):

  1. Beneficiary designations on life insurance policies
  2. Beneficiary designations on retirement accounts (IRA, 401(K), etc)
  3. Payable on Death or Transferrable on Death designations on bank accounts and investment accounts (meaning this account transfers immediately upon death to the person named)
  4. Title to real estate — did you execute a new deed for property you received or that your former spouse was to receive pursuant to a divorce decree?
  5. Title to vehicles
  6. Owners and signers of safety deposit boxes
  7. Beneficiary and Executor designations under a Last Will and Testament
  8. Trustee and Beneficiary designations under Trust agreement
  9. Agent designations under a Statutory Durable Power of Attorney (financial power of attorney) or Medical Power of Attorney

If you would like to update your estate planning documents or have questions about what you can change while your divorce is pending, give our office a call at 650-503-3770 or send me an email at carmen at carmenrosaslaw dot com.