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How to Protect My Estate From My Ex-Wife

2012-02-28   Views:1

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After going through divorce, you may want to make sure your ex-wife does not receive any benefits from your estate when you die. By taking the proper steps, you can ensure that your ex-spouse will not receive any more of your money or assets besides

After going through divorce, you may want to make sure your ex-wife does not receive any benefits from your estate when you die. By taking the proper steps, you can ensure that your ex-spouse will not receive any more of your money or assets besides what she is entitled from the divorce settlement. You can pass the property onto a new spouse or to your children in this situation. Using trusts and changing beneficiaries on important accounts is essential to make this work.

Skill level:Moderate

Instructions

1 Change the beneficiaries on your life insurance policies. When you have a life insurance policy, you can choose the beneficiary who will receive the lump sum payment when you die. Many married couples list their spouse as the primary beneficiary on this type of policy. When you get a divorce, change the beneficiary to one of your children or another family member if you wish.

2 Name a new beneficiary on your retirement accounts and other payable-on-death (POD) accounts you have. For example, when you set up an IRA or a 401k account, you have the opportunity to name a beneficiary. When you die, these assets do not have to go through probate court and can be transferred automatically to the person you name. To change the beneficiary, you simply need to request a form from your account provider. Fill out the form, change the name of the beneficiary, and send it back.

3 Set up a trust and put your assets into it. You can set up a trust with an estate planning attorney. When you set up a trust, you legally remove your assets from your estate and put them into the ownership of the trust. When you die, the assets can be passed on to beneficiaries you named. For example, if you wanted to ensure that the children from your first marriage receive assets even if you get remarried, you can use a trust to accomplish this goal. If you use an irrevocable trust, you can protect the assets from creditors, and you can help your beneficiaries avoid paying estate taxes as well.

4 Examine property titles to determine legal ownership. For example, if you owned a house jointly with your spouse, you need to have the name changed on the title to remove your ex-spouse. This could also be the case with cars and other property.

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