Wednesday, June 30th 2010
Celebrity Divorce Train Wrecks
Forbes.com recently featured an article we wrote about our celebrity-based Trial & Heirs' Top Five Estate Planning Tips for Divorcees. Here is a shortened version. For the entire article, click here.
Update your will and/or trust. Life events like divorces are a critical time to update all estate planning documents with an experienced attorney.
Don't forget the insurance. Many people who get divorced forget to change their life insurance beneficiaries to someone other than their ex-spouse. Last year the 9th Circuit Court of Appeal ruled that the beneficiary designation controls, so that the new wife couldn't get the life insurance proceeds after her husband died; instead, the proceeds went to the ex-wife, who was listed as the beneficiary under the policy.
Act now, before the divorce is final. If possible, act immediate to implement these changes. Of course, consult with an attorney to make sure that what you do doesn't violate the Automatic Temporary Restraining Order (ATRO) that is issued in all California Divorce cases.
Choose a new executor and/or trustee wisely. Make sure you trust the person you choose to make sure that your beneficiaries are financially protected.
Create a new Medical Power of Attorney and Advance Directive. Do you really want to grant your ex the authority to make these decisions for you?
These steps can help you tremendously as you go through the divorce process, and for years following your divorce. Be sure to visit www.criderlaw.net, the website for the law firm of Crider Law PC for more information on California family law and divorce from Sacramento California Divorce lawyers.
View other articles for: Divorce and Separation, Estate Planning, Sacramento California Divorce Lawyer