How Can I Revoke The Power Of Attorney Given To My Ex-Spouse?
You can revoke the power of attorney given to your ex-spouse by simply by destroying the document and giving notice to anyone who you think may have received a copy of that document, such as financial institutions, employers, and insurance companies.
My Spouse And I Each Have A Will. Will I Need A New Will Once We Are Divorced?
You will need a new will after you divorce your spouse. This is because the old will may have provisions for distribution to your spouse or provisions naming them as the executor of your will.
What About Insurance Policies In A Divorce?
When a divorce is final, there may be an order in the judgment that you maintain insurance for certain beneficiaries for a period of time, such as life insurance for your ex-spouse or for your children. It may also contain an order to maintain medical insurance for your spouse or children. If there is no court order requiring you to have insurance and name someone as the beneficiary of that insurance, then you would be free to do as you choose with your insurance policies. In all cases, you are free to obtain additional insurance for your own needs and name anyone you choose as the beneficiary of the new insurance.
If I Have A Living Trust, Is My Spouse Automatically Kicked Out As A Beneficiary In The Event Of A Divorce?
A living trust is very different from a will in that it is effective during your lifetime; a will is simply a statement of your wishes that becomes effective upon your death. In order for a trust to be effective, it must own assets, but in the process of a divorce, those assets are designated to one or the other spouse. Once those assets have been distributed in full, the trust will have no more assets and will, therefore become ineffective. In this sense, trust is similar to a contract in that it is terminated under its own terms and will simply cease to exist.
What Can’t I Change In My Estate Plan After A Divorce?
The only thing that you cannot change after a divorce is final is anything that the court has ordered that you maintain. It’s very unusual for a court to require a party to maintain certain terms in their will or trust, so in most cases, you will be able to change anything in your estate plan after a divorce.
Can I Make Any Changes Prior To A Divorce Or Should I Wait Until The Divorce Is Final?
When a divorce is filed in California, there is an automatic temporary restraining order that comes into effect which prohibits the parties from making changes to their assets or estate plan during the pendency of the divorce proceeding. This means that it prevents parties from changing titles to assets or making any other changes that may infringe upon the other spouse’s right to property. However, there are few changes that can be made if notice is given to the other party beforehand. One such change is referred to as a non-probate transfer, which could include a change to beneficiary designations or pay-on-death designations on accounts.
Do I Need An Entirely New Estate Plan After Going Through A Divorce?
Since estate plans made by married couples are very intertwined and dependent upon the marriage, you will need an entirely new estate plan after going through a divorce. If you do not create a new estate plan, then the documents within the plan you created with your spouse will become incorrect once the divorce is final. I would advise that you immediately create a new estate plan after your divorce is final.
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