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By: Mina N. Sirkin,
Esq.
IS YOUR WILL INVALID AFTER
DIVORCE?
Once your divorce judgment has become
final, it is time to put away the pain of the divorce and time
to start planning for your new life.
If you had a will in California and
you divorced, the will leaving assets to your prior spouse is
invalid and you must create a new estate plan after the
divorce.
You must think of the following issues
post-divorce:
1. Who will your child live with
if you are incapacitated or if you die?
2. Who will financially care for
your child if you are incapacitate or if you die?
THE RIGHT GUARDIAN FOR YOUR
CHILD:
Who is the appropriate guardian of
your minor child, if you become incapacitated or die?
This answer to this question depends of whether you have sole
custody or joint custody and whether or not there are
circumstances which require you to name someone other than the
child's other parent as a guardian.
First, ask yourself who
has similar values as you, whom you would trust to care
for your children.
2. Who will manage
your wealth for your minor children? This
will be governed by your estate planning documents, such as
your will or your trust. If you are
divorced, You must select an executor, trustee, and
attorney-in-fact, and a guardian to effectively protect
your children and your children's inheritance.
3. You also need to consider the
age at which a child should inherit. There are
many choices and options to consider on this matter.
4. Additionally, you may want to
consider requiring a bond for your guardian, executor,
or your trustee to insure that the fiduciary carries on
his/her responsibility with diligence. Additionally, you
may consider requiring more frequent accountings than once a
year, if you select a trustee.
BENEFICIARY DESIGNATIONS ON
IRA OR RETIREMENT ACCOUNTS AFTER
DIVORCE
Beneficiary designations after divorce
must be reviewed and changed on all IRA accounts and 401k and
403 b accounts.
If you need representation regarding
any of the above matters, appointments are available at
our office locations. Due to the nature of the
practice, we cannot advise you by email. You may contact
our office at 800-300-9977 or 818-340-4479 for an
appointment.
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