We are a Veteran Owned Business, providing 20% discounts for Veterans, First Responders, Elementary and High School teachers. We remain open during the shutdown period, so please contact us to set up a phone or Zoom meeting. Taking care of you and your family, It's What We Do!

Skip to Content
Klenk Law

Estate Planning Tips During a Divorce

Posted on Wed Apr 15, 2020, on Estate Planning

From Our “Ask a Question” Mailbag: “My husband and I are getting divorced. I have been putting this off, but do you have any Estate Planning tips during a divorce?”

Estate Planning Tips During a Divorce

Peter Klenk, Estate Planning Lawyer.

Estate Planning Tips During a Divorce?

Once the divorce process begins, most of us are on an emotional rollercoaster. Uprooted living situations, children’s schedules disrupted, insecurity and the unknown make it challenging to address anything but the immediate issues. 

Once the immediate dust settles, though, there a list of Estate Planning items that you need to address. This article is a short introduction, but feel free also to contact us for a phone call. Sometimes it is easier to brainstorm about these issues with a professional.

A Quick Estate Planning Divorce Checklist

Follow this link for more details about Divorce and Estate Planning, but for now, here is a quick and dirty checklist:

  • Beneficiary Designations:

    • Review your 401k, IRA, life insurance, and other assets with beneficiary designations. Is your spouse still listed as your beneficiary? If so, update the destination. If you want these assets to pass to your children, then let’s talk about setting up a protective trust.  Without careful planning, if your children are young, your spouse could end up controlling these assets.
  • Update Your Living Will and Medical Power of Attorney.

    • This document gives someone the right to speak for you on medical decisions if you are unable. If you want your spouse to continue having this power, you must reaffirm this wish in a new document. Otherwise, family members might dispute your spouse having the ability. But, if you want someone new to make medical decisions on your behalf, a new Living Will and Medical Power of Attorney is vital.
  • Update your Financial Durable Power of Attorney.

    • A Durable Power of Attorney names your Agent with the power to make all financial decisions. A powerful document, banks will ask no questions if your Agent empties your accounts. Obviously, when giving Estate Planning Tips during a divorce, a reconsideration over who serves as Agent is essential. Arguably, if you don’t change the document, your spouse could manage the divorce terms should you have a car accident and become incapacitated. Further, the person you name would have to negotiate with your spouse over child care expenses, the sale of the family house, and the division of accounts. You must take care to name the correct person.
  • Updating Your Will.

    • Your Will dictates who receives your probate assets. The Will also appoints your executor and the trustee for assets you leave for children. Without careful planning, your estate could experience long delays and avoidable costs. Let’s brainstorm options. There are likely several ways to address your situation. These could include setting up protective trusts for your children. These trusts can name your parents or siblings as trustees. The trustee manages the funds until your children are old enough to take on the responsibility themselves. These trusts, known as Dynasty Trusts, can provide your children with protection from their divorce or creditors.

More Detail.

For more detailed information about Dynasty Trusts, see my page “Dynasty Trusts, All You Need To Know.” 

In Conclusion: Estate Planning Tips During a Divorce.

I hope you found helpful this short article about Estate Planning Tips During a Divorce. I have also included some links for more detailed information. If you are curious about updating your Will, Power of Attorney, or Living Will, contact us and let our Estate Planning Lawyers help walk you through what can be a confusing process. In fact, feel free to contact our office for a free consultation. 

Wills, Trusts, Probate, and Estate Litigation, It’s All We Do!

It’s What We Do!

Tags:

Divorce, Estate Planning Attorney, Estate Planning Lawyer

What Our clients are saying

Klenk Law Logo
Stars

Knowledgeable lawyers, helpful attitude, fair fees.

Klenk Law Logo
Stars

Very knowledgeable! Peter Klenk always has a thorough answer, and the associates have more experience than you'll find at most firms. They really only do estate work.

Klenk Law Logo
Stars

Peter has done a great job with the estate planning for my father. He is very thorough and patient as we, the family need to make decisions.

Klenk Law Logo
Stars

I saw four lawyers and was told by all of them; I should just forget contesting my mother's will. I knew what happened, but it is very hard to prove undue influence. I contacted the Law Offices of Peter L. Klenk & Associates. Attorney Amanda DiChello took my case. They were very honest and upfront about what would be involved trying to prove what I knew was true. Attorney DiChello may be young but she is extremely knowledgeable and skilled. She listened and understood what I conveyed to her. She knew exactly what information to use and crafted an outstanding interrogatory and many powerful depositions. Attorney DiChello understood the various emotional feelings this case created for my family and me; she was always there for us with a kind and encouraging word. We went to trial. The amount of work which she and her Paralegal did for the trial was incredible. They both knew my case inside and out! Attorney DiChello's powerful interrogative and thinking skills produced a positive outcome. Attorney DiChello did what other seasoned lawyers said was impossible!

Klenk Law Logo
Stars

Peter has done our family's trust and estate work since our children were born. He is not only extremely knowledgeable and honest, but makes sure that our arrangements remain current with the changing legal landscape. I would give him my highest recommendation as a professional in his field.

Let us put our expertise to work for you.

Free consultation within 24 hours.