Revise
your estate plan as soon as a lengthy separation seems likely.
Would you want your estranged spouse to own or control all you
have if you die or become incompetent during your separation?
Hammer-out
a property settlement agreement (PSA) as soon as a lengthy separation
seems likely. If you divorce, the PSA gets incorporated into the
final decree. If you reconcile, you can rescind the PSA.
Have
an estate planning attorney -not your divorce attorney - review
your PSA and your estate plan promptly after your divorce is final.
If you do nothing, it is still possible for your ex-spouse to
benefit upon your death or incompetency under certain documents.
As for the PSA, I often find surprising executory provisions in
PSAs, through the neglect of which one party has lost a benefit
or incurred a liability.
You
will almost certainly need to appoint new fiduciaries, given the
effect of divorce on relationships.
If
you haven't remarried yet consider the pre-nuptual agreement.
If you have, consider a marital agreement. Remember, marriage
gives each spouse significant rights in the other's property.
Ther
older and wealthier you are upon remarriage, the more likely you
will want to plan your estate separately from that of your new
spouse. Documents are not enough. How you title your assets must
coordinate with the plan described by your documents.
