A common concern expressed by clients at Clear Counsel Law Group is how a divorce impacts existing estate plans. They often wonder if the whole estate plan needs to be redone when they face a divorce.
Effect of Divorce on Estate Plans
In Nevada, when a couple divorces, the law automatically invalidates any provisions in their estate plan that include the former spouse. This means that aspects of your will, trust, or power of attorney that involve a now ex-spouse are nullified by the divorce itself. These legal provisions help to protect individuals from unintentionally leaving assets to an ex-spouse.
While the law does provide this safeguard, it’s still advisable to revisit your estate plan after a divorce. Especially when you want to include the ex-spouse in at least some of the assets. Meeting with an estate planning attorney can ensure that your estate plan accurately reflects your current situation and intentions. They can help identify any necessary changes and assist in executing new documents.
Interestingly, you can also include provisions in your estate plan that address how things should be handled in the event of a divorce ahead of time. Such provisions can specify how assets should be divided or managed if a divorce occurs. This approach is akin to a prenuptial agreement but provides clarity and certainty for both parties.
Seeking Professional Guidance
If you’re going through a divorce and have concerns about how it affects your estate plan, seek professional advice. Clear Counsel Law Group offers consultations to review your existing estate plan and discuss your current goals and needs. This ensures that your estate plan is up-to-date and aligns with your post-divorce life.