Estate Planning after Divorce: My spouse and I have an estate plan in place. What impact will divorce have on that plan?

Dallas, TX family law attorney, Paula Lock Smyth talks about planning for an estate after a divorce.

Contact Paula Lock Smyth

Phone: (214) 420-1800

Transcript:

Divorce has a huge impact on the estate plan that might already be in place mainly any designations of the spouse in, for example, a will as the executor are null and void at the time the divorce goes through. So one of the things we really have to be careful of is redesignating the spouse as either the beneficiary or the executor after the divorce so we can do that in the divorce decree. Or we have clients do new wills or maybe new trusts. Oftentimes, I’ll do wills for clients after a divorce who want to make sure that their children are taken care of so we’ll set up either a living trust or we’ll set up a testamentary trust in their will to make sure that their child is provided for. And usually they tell me I don’t want the ex-spouse to get a hold of the money so we need to protect the money for the child.