Planning to divorce? Review estate plans

In Florida, some people make the mistake of drafting estate plans and then failing to make changes when they undergo major changes in their lives. One such scenario that should prompt a review and possible modification of an estate plan is a pending divorce.

It is important for people who are planning to divorce to change their estate plans so that their wishes will be followed if they die before the divorce is finalized. This can help to ensure that an ex-spouse does not receive the estate instead of the person's family members.

In one example case, a man who brought a significant sum to his marriage drafted a prenuptial agreement stating that the money would remain his sole property if the couple divorced. He later added his wife as an 80-percent beneficiary to the trust that contained his money with the stipulation that she would receive her share if they remained married when he died. The couple later filed for divorce, and the man died a few days prior to the divorce becoming final. Since the couple was still married, the wife received 80 percent of the money instead of that amount going to the man's family members.

In order to make certain that people's assets will be passed as they intend, it may be important for them to consult with estate and probate lawyers. After an estate plan is in place, it is still important for people to review the plans whenever people are going through major changes in their lives. A lawyer may help make the needed changes so that the assets may pass according to the client's wishes.

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Rachel Rall, Attorney at Law, P.A.
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