Get Ready Because Divorce Affects Your Estate Planning
A divorce affects every area of your life. It can influence everything from where you live to who will remain your friends. One area you may not think about is how divorce affects your estate planning. According to Nevada state law, once a divorce is finalized all of your spouse’s bequests are withdrawn. This means while it might have been previously stated in your will that all your assets would go to your spouse, they lose the designation as the beneficiary once the divorce is final. This process is automatic in the state of Nevada to protect the testator’s assets and ensure that the assets do not go to unintended people.
Update Your Estate Plan As Soon as Possible After a Divorce
If you do not have a valid will in place at the time of your death, the state of Nevada will enact intestate succession. During this legal process, Nevada state law determines who receives your assets and how much.
Areas of Estate Planning to Consider After a Divorce
There is a good chance that your now ex-spouse was the beneficiary on all of your estate planning and is the one who held power of attorney over all of your medical decisions in the event of incapacitation. As a result of the divorce, you need to review and revise your entire estate plan. A list of documents to consider for review include:
- Revocable Trust
- Health Care Power of Attorney
- Financial Power of Attorney
- Advanced Directive
- Vehicle and Other Asset titles (such as ATVs and boats)
- Life Insurance Beneficiaries
- Retirement Account Beneficiaries
- Annuity Beneficiary
- Payable on Death Account Beneficiaries
- Transfer on Death Account Beneficiaries
- Online Account Usernames, Passwords, and Contact Emails
LeAnn Schumann is Available to Assist with Estate Planning After a Divorce
Don’t lose everything and leave your family with nothing as a result of a finalized divorce. Protect the assets you have fought so hard to call your own. Make sure they are given to the people you want to have them. A comprehensive, updated estate plan ensures you can direct your own healthcare decisions in the event of incapacitation and have your assets distributed to the people you would like to see receive them. LeAnn Schumann is an experienced estate planning attorney. She knows the right questions to ask to make sure you have a comprehensive estate plan that addresses all your concerns. She is available to serve the people of Reno, Sparks, Carson City, Fallon, Fernley, Dayton, Yerington, Douglas County, and all other Northern NV rural counties.
Don’t Let Your Divorce Jeopardize Your Estate Plan.
Contact LeAnn Schumann at Jesse Kalter Law for an Estate Planning Consultation
CLICK HERE to Contact Online or Call 775-331-3888
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