It goes without saying that your divorce in Venice will bring about many changes in your life. Your attitude towards your soon-to-be ex-spouse’s role in your estate plan is likely to be among the elements that will change. You may not want your ex-spouse to feature as prominently amongst your designated beneficiaries, which would imply that a change to your will is in order. Yet what might happen if (by chance) you happen to pass away prior to making such a change?
Your immediate fear may be that your ex-spouse will remain in the same role that you previously designated to them in your will. Such roles may include your primary beneficiary and/or even the executor of your estate. Now that you are divorcing, you may prefer that someone else act as your personal representative, and that your children (or a new spouse, if you plan to remarry) become your primary beneficiaries.
The fear of your ex-spouse inheriting your assets or being named to an administrative role in your estate is unnecessary. Section 732.2 of Florida’s state statutes says that any designations referencing your ex-spouse in your will are invalidated when your divorce becomes final. This also extends to others accounts related to your estates, such as:
- Life insurance policies
- Employee benefit plans
- Individual retirement accounts
- Any securities or other payable or transferable on death assets
You should not let this information leaving you feeling that their is no urgency for you to update your estate plans following your divorce, however. Your updated desires regarding the dispersal of your estate are not implied, which means that those you now wish to become your beneficiaries must be named in a new will.