Every person needs to have a will and an estate plan in place to assure that their assets will be distributed to the heirs according to his or her wishes. If you do not have a will, then the Florida statutes determine which heirs share the estate assets, which may or may not be the same way that you would prefer.
The attorneys at Budget Divorce Center offer affordable basic estate planning to our clients. It's not as expensive as you might think. However sophisticated estate planning, taking advantage of complex tax strategies, is outside of our area of expertise.
There are four documents that make up a basic estate plan. 1) a simple will; 2) a durable power of attorney; 3) a health care surrogate designation; and 4) a living will.
How does divorce affect your existing estate plan?
In general, after any significant life-changing event, for example marriage, the birth of a new child, divorce or re-marriage, it is a good idea to review your existing estate plan or to create one if you have not done so already. family relationships are always changing, and your estate plan should reflect your current family situation and desires.
The provisions you made during marriage for distribution of your estate assets may no longer reflect your wishes. A divorce will invalidate any provision in your will referring to your ex-spouse. Married couples usually appoint the other spouse as his/her personal representative, and as his /her agnet for financial and health care decisions. It is important to update and revise estate planning documents to appoint a new agent, if you believe that to be appropriate.