Divorce and Wills: Why Your Estate Plan Needs a Post-Divorce Overhaul

Episode Summary

In this episode of Off the Record, host Kevin Rosenquist and attorney Rhett Burney discuss the critical steps individuals need to take in updating their estate plans after a divorce. They delve into the importance of revising wills, beneficiary designations, powers of attorney, and healthcare proxies to reflect life changes. They also discuss the legal protections offered in South Carolina and the consequences of neglecting these updates. Rhett emphasizes how essential it is to prevent costly mistakes by addressing estate planning proactively after a divorce.

 

Timestamps:

 

[00:00-00:30] Introduction to the episode and the topic: how divorce affects estate planning.

[00:31-01:46] Rhett explains why updating estate plans after divorce is essential and outlines key steps like revising wills and power of attorney.

[01:47-03:01] Discussion on how divorce settlements impact asset distribution and the legal safeguards in South Carolina for updating documents.

[03:02-04:17] Rhett clarifies how divorce affects roles like executor in a will and fiduciary responsibilities.

[04:18-05:07] The importance of having an estate plan before a divorce vs. catching up afterward.

[05:08-06:27] Review of beneficiary designations on life insurance policies and retirement accounts after a divorce.

[06:28-08:12] The necessity of updating powers of attorney and healthcare proxies post-divorce.

[08:13-09:39] How a trust can protect assets and the importance of addressing trusts post-divorce.

[09:40-10:32] Planning ahead with estate documents before marriage and the importance of reviewing them after a divorce.

[10:33-11:49] Rhett gives advice on prioritizing estate documents when starting out, especially for those with children or spouses.

[11:50-13:20] The impact of divorce on estate plans for supporting former spouses or children.

[13:21-14:25] How multiple divorces complicate estate plans and the need for review after each life change.

[14:26-15:02] Conclusion with a reminder to review and update estate plans to avoid complications and litigation down the road.

About The Show

Off the Record is a legal podcast hosted by Kevin Rosenquist and featuring attorney Rhett Burney, where they dive into complex legal topics and provide expert insights on a wide range of legal matters. Each episode explores various aspects of law, offering listeners practical advice on navigating issues such as estate planning, business law, divorce, and more. With a focus on demystifying legal processes and offering actionable tips, Off the Record is an essential resource for anyone looking to better understand the law and how it impacts their personal and professional lives.