After divorcing you should review your will, power of attorney, healthcare power of attorney, and living will to make sure the agents that you want are on those documents. If you have a trust, you need to review that carefully. You will probably either want to amend the trust or even create a new trust when you remarry.
What Are Some Issues You Comes Across That People Face in a Second Marriage if Their Spouse Dies Without Having Updated Their Estate Planning Documents for That Marriage?
The biggest problem that I’ve encountered as a result of estate planning documents not being updated after divorce is finding the deceased’s documents still list the former spouse as a beneficiary or agent. Often, that person cannot be found, we often must go to court to get someone to handle matters of that nature.
How Can a Parent Use Estate Planning Documents to Protect Their Children’s Future in a Second Marriage? Is It Different if a Couple Has New Children Together in That Second Marriage?
This is a problem with blended marriages; often the one partner wants to ensure that if he dies first, his children cannot be cut out of his inheritance by the remaining second wife. The best way to avoid this, for both parties, is a Qualified Terminable Interest Property (QTIP) trust or an ABC trust. This guarantees that whatever each person wants for his own children will be carried out and cannot be changed by the spouse that is second to die.
For Anyone Who Is Considering Divorce, or Who has Divorced Already, When Is the Best Time to Contact Your Firm and What Assistance Will You Be Able to Provide When It Comes to Changing or Updating Estate Planning Documents?
If you are considering divorce, the best time to come to see me would be before you even file for a divorce. I will be happy to go through all of your estate planning documents, especially will or a trust, and talk to you about how you might want to change those. Then you may want to confer with your family law attorney to get advice; after that, we can make the changes that you’ll agree on.
For more information on Divorce and Estate Planning Laws in South Carolina, an initial consultation is your next best step. Get the information and legal answers you are seeking by calling (864) 271-7940 today.