Did you know that while you are going through a divorce, there are some things you are limited to doing in regards to your estate plan.
Aside from the ATROS (Automatic Temporary Restraining Orders) in the Summons of your divorce paperwork, you are limited in what you can change in your estate plan.
Here is what you can do:
- Create, modify, or revoke a will.
- Create, but not fund, a new single settlor revocable or irrevocable trust.
- If in the usual course of business or for the necessities of life, transfer, encumber, hypothecate, conceal, or in any way dispose of any property, real or personal, whether community, quasi-community, or separate.
- Execute and file a disclaimer.
Here is what you can do as long as your Spouse/RDP had notice:
- Revoke a revocable trust. Follow revocation terms of trust exactly
- Revoke a transfer to the beneficiary of a “non probate transfer.” A “non probate transfer” includes primarily individual retirement accounts (IRAs) and life insurance. You can only revoke life insurance if child support or spousal support is not at issue.
- Eliminate a right of survivorship for property (joint tenancy or community property with right of survivorship).
In all of these cases, notice must be filed and served on the other party before the change takes effect.
If what you want to do doesn’t fall within these two categories you will either need to get your Spouse’s/RDP’s consent or a court order depending on the circumstances.