How Divorce Affects Your Existing Legal Plan by Stephanie L. Schneider
How Divorce Affects Your Existing Legal Plan by Stephanie L. Schneider
In Florida when the Judge signs the Final Judgment of Dissolution of Marriage it has the following effect:
- If you named your ex-spouse as beneficiary in your Last Will & Testament, it is as if your ex- spouse died before you;
- If you named your ex-spouse as healthcare decision-maker in your Designation of Healthcare Surrogate, it is as if your ex-spouse died before you;
- If you named your ex-spouse as financial decision-maker in your Durable Power of Attorney, it is as if your ex-spouse died before you.
You might think ‘great I don’t need to do anything to change my legal documents’ but you do and here’s why:
- The Final Judgment of Dissolution of Marriage does not affect assets where you designated your ex-spouse as beneficiary (i.e. Life insurance; I.R.A.; 401(k); annuity). You need to take affirmative steps to remove your ex-spouse as a beneficiary and designate a new beneficiary.
- Your legal plan needs to be updated to designate a new medical and financial decision-maker as well as alternate fiduciaries.
There is no better time like the present to give yourself the gift of an updated legal plan. Dust off your old legal plan, schedule a consultation to meet with me and together we’ll create a new legal plan to meet your goals.
