FAQ Friday: Divorce and Estate Planning
On Friday, May 19th, Our attorney, Mr. Berger discusses the complexities of divorce and it's impact on estate planning.
Once you get divorced, spouses are removed from the Will. Although, it may still be a good idea to revise your Will in case other agents listed won’t be your choice any longer.
Additionally, a trust might be an option to consider so that your ex spouse doesn’t control the money you leave to your children.
Beneficiary designations are not changed by divorce and will need to be re-addressed after the divorce.
Real estate should also be addressed and transferred.
A second marriage or remarriage can be common to prepare for. In Maryland, one-third of your assets pass to the surviving spouse. This can be waived in a prenuptial agreement.
The assets of both spouses are available if one ends up in a nursing home.
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