If you are in the process of going through a divorce, it is very important to think about updating your Anaheim estate plan. Clearly, divorce is likely to alter your goals for the handling of your estate and the transfer of your assets. Until the divorce is final, however, certain restrictions are in place that limit which modifications can be made. The following is a list of changes that are generally permissible, even before a divorce is finalized:
- You may revoke a revocable living trust.
- You may revoke a non-probate transfer.
- You may sever a joint tenancy, such as real estate or joint ownership of a bank account.
While you may be permitted to make these changes, there are some requirements that are involved. For example, the proposed change must first be filed with the court. Thereafter, the change must be served on the other spouse before the change takes effect.
Despite these extra steps required to make changes to an Anaheim estate plan, it is still worth considering. Consult with your estate planning attorney to discuss whether the changes are important for your overall estate plan. It is important to keep in mind that if a joint tenancy remains in effect, one spouse would inherit the entire asset if the other spouse passed away.
For more information about updating an estate plan in California, view our free guide, The Ten Things You Must Know Before Creating (or Amending) Your Will or Trust. Call our office of experienced Anaheim trust modification attorneys today at (714) 459-5481 for a consultation.