Changing Your Will to Favor Your Children After Your Divorce

Changing Your Will to Favor Your Children After Your Divorce

Brought to you by: Andre Plessis, CDPP, RCS-D^TM REALTOR^®

 

Do you have a will? You should have. It’s your way of making your wishes known and distributing your property and assets after your death and as such, it’s very important to have a will.

If you’re married or with a partner and own a house and have children, then you definitely should have a will. But when your circumstances change, you need to remember to change your will, otherwise you’ll find that, on your death, your former partner could receive everything you desired in your old will.

Things to Consider When Changing Your Will

You need to look at your assets, everything you own. After splitting with a partner,  you want to provide for your children in the event of your death, so you need to see your solicitor and make changes to ensure they will inherit whatever you own and wish to pass on. Remember, too, that assets aren’t all material; they can include heirlooms, family photographs and memorabilia, too, things you want your children to have and by which they remember you.

If, say, you’ve bought a house, make sure it goes to your children (if you have more than one child, spread it equally between them. If they’re under 18, it will need to be held in trust for them until they come of maturity). The same is true for all your financial assets. Have them held in trust until your children are old enough. This has the effect of making sure your former partner can’t have them.

The chances are that under your old will, your former partner would have been the executor of your estate. Obviously, you’ll need to change that. If your children are over 18, you can appoint them as executors. It’s a relatively simple procedure, and if you’re not sure, an estate planning attorney will be able to advise you on the mechanics and wording.

If You Find a New Partner

Moving in with, or marrying, a new partner is another huge change in your circumstances, and one that will require a new will. However, much as you love this new person in your life (and possibly any children she already has, as well as any you may have together), don’t forget your own children. Be equitable in the way you leave your assets. 

Andre Plessis, CDPP, RCS-D^TM REALTOR^®

As a RCS-D^TM REALTOR^® I assist individuals who are either thinking about divorce or are in the process of a divorce. To protect your rights NOW, you need a real estate agent specializing in divorce, an RCS-D^TM REALTOR^®

RCS-D^TM stands for Real Estate Collaborative Specialist-Divorce.

Tel: 310-266-9463 

Los Angeles Divorce Real Estate Specialist