David Whittaker, Attorney at Law

Serving Davidson & Williamson Counties

  • Home
  • Attorney Profile
  • Probate
  • Real Estate Litigation
  • FAQ
  • Contact Us
  • Call Today
  • Email Us
  • Our Map
  • Menu

Call Today: 888.492.4735

Divorcing? Update That Estate Plan

Nashville Blog 2017 September Divorcing? Update That Estate Plan
Previous Post  |  Next Post

Divorcing? Update That Estate Plan

Posted By David Whittaker, Attorney at Law || 6-Sep-2017

Divorce is stressful, especially when it’s a complicated divorce or minor children are involved. When spouses file for divorce, their minds are on child custody, asset and debt division, and spousal support. They’re more worried about what to do with the house than they are about their estate plan. However, all divorcing spouses should focus attention on their estate planning documents as soon as the divorce is final.

Even if you don’t have a will or trust, you probably have a retirement account, brokerage accounts, a life insurance policy, or payable-on-death bank accounts that name your current spouse as the beneficiary. If you’re like most people, your spouse is named as the beneficiary on more than one of these types of accounts.

Revoking the Original Will

Under Tennessee Code Annotated Section 32-1-202, if you execute a will and your marriage dissolves, the divorce will revoke any disposition of property to your former spouse, which was bequeathed in the will, unless you specifically state otherwise. The divorce also revokes your spouse as an executor or trustee.

While divorce automatically disinherits former spouses in Tennessee (as far as wills are concerned), it’s still important to re-write your will after the divorce. You don’t want to rely on state law. By literally destroying the old will and creating a new will, you’re eliminating any confusion about the assets you previously left to your former spouse.

Removing Your Spouse as a Beneficiary

The assets passed through beneficiary designations are not subject to probate. Instead, they pass outside of the will and avoid the probate process altogether. If you’re getting a divorce and your spouse is a beneficiary on any of the following types of accounts, you’ll want to remove him or her as soon as possible and put down a new beneficiary:

  • Life insurance
  • Payable-on-death bank accounts
  • IRAs and 401(k)s
  • Transfer-on-death brokerage accounts

Not only will you want to revise your estate plan immediately following your divorce, if you re-marry, you may need to update the documents again, especially if you have children from your first marriage or a previous relationship. Essentially, whenever you experience a major life change, such as a divorce, re-marriage, or birth of a child or grandchild, you should review your estate planning documents to ensure everything is up-to-date and reflects your wishes.

Getting a divorce or remarrying? Contact my firm to schedule a consultation.

Categories: Probate, Trusts, Wills, Beneficiary Designations, Estate Planning, Blended Families

Share Post

Contact Us Today

Send My Information

Probate

How Can We Help You?

  • Change of Beneficiary
  • Conservatorship
  • Cost of Probate
  • Estate Administration
  • Estate Litigation
  • Estate Planning
  • Fiduciary
  • Inheritance Rights and Disputes
  • Probate Administration
  • Probate Litigation
  • Trust
  • Wills
  • Real Estate Litigation
  • Areas We Serve
  • Home
  • Site Map
  • Privacy Policy
  • Contact Us

Follow Us

David Whittaker, Attorney at Law

Call Today: (888) 492-4735

David Whittaker, Attorney at Law - Nashville Probate Attorney
1616 Westgate Circle, Suite 127, Brentwood, TN 37027 View Map
Call Today: (888) 492-4735
(615) 289-6284
Website: http://www.attorneydavidwhittaker.com/
© 2020 All Rights Reserved.
Internet Marketing Experts The information on this website is for general information purposes only. Nothing on this site should be taken as legal advice for any individual case or situation. This information is not intended to create, and receipt or viewing does not constitute, an attorney-client relationship.