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Divorce and Your Estate Plan
When going through a divorce, it is vital to know how it will affect your estate planning documents, such as your will, trust, life insurance, etc. For example, does divorce make your will or trust null and void, or does it only nullify any provisions relating to your spouse? Can you change your beneficiary on your life insurance policies? If you don’t change the beneficiary after the divorce is final, can your spouse still collect the life insurance proceeds?
Virginia Code and Divorce Decree Language
Because some of these answers are not clear and the answer can depend on many factors, Virginia enacted § 20-111.1 of the Code of Virginia which now requires the following language be in every Final Decree of Divorce
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Beneficiary designations for any death benefit, as defined in subsection B of § 20-111.1 of the Code of Virginia, made payable to a former spouse may or may not be automatically revoked by operation of law upon the entry of a final decree of annulment or divorce. If a party intends to revoke any beneficiary designation made payable to a former spouse following the annulment or divorce, the party is responsible for following any and all instructions to change such beneficiary designation given by the provider of the death benefit. Otherwise, existing beneficiary designations may remain in full force and effect after the entry of a final decree of annulment or divorce.
In addition to our Family Law attorneys, we now have a Wills, Trusts and Estates attorney, Caryn West, to assist with your estate planning needs.
Should you have these issues or simply want to have estate planning documents prepared or revised, please contact our experienced Virginia attorneys today.
We Are Here To Help
Planning for the future can feel overwhelming, but you don’t have to do it alone. Whether you’re just getting started or have questions about wills, trusts, or other estate planning options, we’re here to help. Reach out today to speak with an experienced estate planning attorney. You can give us a call or simply fill out a short form to schedule your consultation—we’ll guide you every step of the way.
Written By Brandon H. Zeigler
Brandon is an experienced attorney with a strong background in family law, litigation, and small business representation. During his lengthy career, he has worked in several firms handling a wide variety of types of cases. In 2015, Brandon joined Kellam to form Parks Zeigler, PLLC, wanting to integrate innovative use of technology to enhance efficiency and client service. With a focus on problem-solving, he enjoys helping individuals and small businesses navigate complex legal challenges with creative and effective solutions.
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