You can find Michelle here:Paley Rothman Attorneys at LawMichelle Chapin on LinkedIn
(301)951-9353
[email protected]Show Notes:
[01:53] Michelle advises clients on how to leave their assets at death and how to protect themselves if they are incapacitated. She also helps clients with minor children name guardians in their will or if they are incapacitated.
[02:33] She also helps clients who have modest means who need trusts.
[03:10] Everyone needs an estate plan whether they are married or divorced. You should want to leave your estate to someone in particular.
[03:53] Estate planning is state-specific. Michelle represents Maryland, DC, and Virginia. It’s best to have local counsel wherever you reside.
[04:54] When people aren’t getting divorced the estate plan is a joint representation.
[07:26] Conflict has to be waived in order to represent just one of the spouses.
[07:55] An estate plan isn’t just your will. It could also include an irrevocable trust where your next named trustee could step in for your capacity.
[08:41] People also require a financial power of attorney and a medical directive. You also want to update beneficiary designations for retirement benefits and life insurance.
[10:23] A divorce usually affects all of these documents, because people normally name their spouse in every position.
[10:48] Some states have laws where if your spouse is in a fiduciary position and you get divorced that position will be revoked.
[11:08] You don’t want to rely on state law. You want to have your own plan and do what’s best for your needs.
[11:28] A fiduciary is a person that you’ve named to act in your best interest.
[14:38] Proactively update your destinations upon divorce.
[16:18] You can revoke a will by tearing it up. You can also create a new will and include language that revokes your older will. It’s still a good idea to destroy your old will or tear it up.
[18:41] They hold their clients wills free of charge, so they don’t accidentally get revoked. A fireproof box is the best place to keep a will.
[20:26] If you divorce, your Inherited property isn’t divided. The augmented estate – if you disinherit a spouse, they can make a claim against your estate when you die.
[22:26] A prenuptial agreement can be used to keep property separate after divorce.
[22:49] The estate can be made a gift for the person’s children and put in a trust.
[23:40] If people are separated, they need to remove their spouse as the fiduciary of their estate plan.
[24:54] A claim can be made against the estate, and the estate can’t close until the claim is resolved.
[26:15] You can name whoever you want as the guardian of your children, but the biological parent is always the default guardian. You would have to show something in court proving that this person is unfit.
[28:09] When getting divorced, it might be a good idea to change financial advisors.
[28:40] You can update your plan possibly before your divorce.
[30:23] It’s crucial that people think about their estate plan as part of their divorce.
[31:25] Take control of your own estate plan and don’t let these things fall through the cracks.
Do you have any topics that you would like me to cover in future shows? Let me know in the comments below. Don’t forget to subscribe to the show, and if you are enjoying what you hear please leave a review on iTunes.
Links and Resources:Paley Rothman Attorneys at LawMichelle Chapin on LinkedIn
(301)951-9353
[email protected]
