Updating Your Estate Plans After Your Divorce

The completion of your divorce proceedings in Hawaii may bring with it a good deal of relief. This comes from assuming that the whole ordeal is over. In reality, however, there may still be much work to do. Officially separating your spouse from your life may require revisiting several important matters. One of these is the administration of your estate. Revising a will is something many forget to do following a divorce, which prompts many to come to us here at Coates Trey Tanimoto & Gibson, AAL, LLC concerned their loved ones failed to do that very thing before they died. 

Their concern is whether their loved ones’ ex-spouses now stand to inherit their estates. If you share the same concern, you should take comfort in knowing that the state understands that people often forget to think about this particular task following their divorces. Thus, it has created laws to compensate for this forgetfulness. 

Per Section 560:2-804 pf Hawaii’s Revised Statutes, any stipulations made towards your ex-spouse in your will are automatically revoked the moment your divorce becomes finalized. This includes any transfers of assets or powers of appointment. It also applies to any of their immediate family members that you may have mentioned in your will. 

Of course, you can opt for your ex-spouse to remain amongst your beneficiaries. This is may be helpful if you have children together. You can name your ex-spouse as a trustee of your kids’ estates. That would keep your spouse from having direct access to your estate’s funds, but also ensure that your kid’s assets are managed appropriately until the can do so themselves. 

More information on moving on after your divorce can be found here on our site.