Now that I am divorced, should I rethink my estate planning?
Now that you are legally divorced, you are in a new stage of your life, and it is very important to do new estate planning to protect your loved ones. Any estate planning you may have already done is now revoked in whole or in part due to the divorce.
Just a few critical reasons to create a new estate plan include:
1.Ensuring that your ex-spouse does not control funds that you bequeath to your children. It is possible to name other parties (a sibling, parent, friend or advisor) to act either as Trustee for your children, or as their Custodian under the California Uniform Transfers to Minors Act.
2.The ability to direct the appointment of a Guardian for your minor children, should you die before they attain their majority, should your ex-spouse not survive you, or should a court find that granting custody to your ex-spouse would be detrimental to the children.
3.Ensuring that your assets pass to the persons you desire to receive them, and that your estate be administered by the person of your choice.
4.Advance Health Care Directive-allows you to express your wishes regarding your health care in the event you become incapacitated. It is very important to put into writing your wishes regarding life support and other crucial health matters, including the person(s) you want to make such decisions for you.