How Divorce Transforms Estate Distribution
The end of marriage signals a major shift in your financial future, especially regarding how your assets will be distributed through wills in your estate plan. It’s common practice to designate your spouse as the recipient of all or a significant portion of assets through a will, but how does a divorce impact those designations? UNDERSTANDING PROBATE CODE 5040 Under Probate Code 5040, if you pass away after a divorce, the law typically views your ex-spouse as having predeceased you. This is extremely important regarding how your assets get distributed according to your estate plan — which was likely made (or modified) when you married. Any benefits your ex-spouse would have received are automatically voided, ensuring the assets are distributed according to other instructions in the document or, if no instructions are provided, according to state intestacy laws. This automatic adjustment is based on the presumption that you wouldn’t want your ex-spouse to inherit your assets post-divorce. However, you are welcome to include your ex-spouse in future distribution
designations if desired in cases where you maintain an amicable relationship.
created, reviewing and possibly revising your estate planning documents after a divorce is imperative. Updating your estate plan is also an opportune moment to reassess your entire estate planning strategy. This includes considering the need for new fiduciaries, such as executors or trustees, who align with your current situation. For those with minor children, divorce necessitates a careful review of guardianship and distribution arrangements for those children. This review should include financial provisions and guardians’ appointments in the unfortunate event of your incapacity or death. DAHL LAW GROUP IS HERE TO HELP If you need to adjust your estate plan post-divorce, the team at Dahl Law Group will assist you. We invite you to schedule a consultation to evaluate your estate planning needs and make necessary updates to ensure your assets are distributed according to your wishes. Our team is dedicated to guiding you through this process, safeguarding the legacy you wish to leave behind.
This rule kicks in only once the divorce is officially finalized. If you are legally separated but remain married, your spouse could still inherit as if you were married, underscoring the legal importance between separation and divorce. DESIGNATIONS OUTSIDE OF YOUR ESTATE PLAN Divorce in California alters the distribution of assets outlined within your estate plan, but you must take specific actions to update other financial instruments. For instance, beneficiary designations on life insurance policies and retirement accounts remain unaffected by divorce unless manually changed (but can be voided in some limited cases). This distinction is vital for ensuring your estate plan aligns with your intentions
after your marriage ends, as these designations supersede your estate.
THE IMPORTANCE OF UPDATING YOUR ESTATE PLAN Since divorce nullifies provisions for an ex-spouse in any will and trust you have
Grilled Steak With Chimichurri Sauce
GET A HEAD START ON YOUR LEGACY INTERVIEW! Scan this QR code to request a FREE copy of our Legacy Interview questions. With them in hand, you
Savor the flavor with our mouthwatering grilled steak, paired perfectly with vibrant chimichurri sauce.
Ingredients • 2 lbs steak (flank, sirloin, or skirt steak) • 2 tbsp olive oil • Salt and pepper, to taste
For the chimichurri sauce: • 1 cup fresh parsley, chopped • 2 cloves garlic, minced
can create a precious gift for your children, grandchildren, and other loved ones that will preserve your memory for decades to come.
• Juice of 1 lemon • 2 tbsp olive oil
• 1 tsp red pepper flakes • Salt and pepper, to taste
“A people that values its privileges above its principles soon loses both.” –Dwight D. Eisenhower
Directions 1. In a large pot, heat oil over medium heat. Add onions and garlic and sauté for 5 minutes. Add the mushrooms, wine (if desired), and thyme and cook for 5 minutes. 2. Add the broth and bring to a boil. Once boiling, cover, reduce heat, and simmer for 10 minutes. Stir in the coconut milk and continue cooking for another 5 minutes. 3. Mix cornstarch with water and add to soup. Stir frequently for 1–2 minutes until soup thickens to desired consistency. 4. Remove from heat and stir in the parsley. Season with salt and pepper and enjoy!
3 tqdlaw.com | 916-545-2790
Published by Newsletter Pro www.NewsletterPro.com
Made with FlippingBook Ebook Creator