Estate planning for divorced or divorcing seniors

If you have become involved in a dissolution or divorce proceeding or are considering the same, you should immediately review your estate planning documents. Given aging issues and likely contemporaneous health issues, it is important to address this change in your life as soon as possible. If you have not prepared any documents, you should immediately have documents prepared. 

If you do not have estate planning documents, then your one-half community property assets and one-half of your separate property, in all likelihood, will go to your spouse rather than to your children or other persons or organizations you would like your assets to go to upon your death. 

The commencement of a dissolution proceeding does not alter the terms of your Will if you have one. If your Will provides for everything to go to your spouse, it will even though you may not want it to due to your getting a divorce, unless you have a Will directing your assets to go elsewhere. 

Further, you should designate who you would want to be guardian of any minor children you may have so that in the event your spouse should predecease you, you can direct who you would want to take care of your minor children. 

If you die without a Will, all community property will pass to your spouse for finalization of a divorce. If you have children, one-half will also pass to the spouse with one-half to the children. If no children, then all separate property would pass to your spouse. In all likelihood, as you are getting a divorce, this is not the result you would want. Address it early on in the divorce process and save your estate and your family money and headache later.

Bell & Ingram, PS     (425) 258-6261