The most recent edition of Newsweek magazine discusses an often overlooked phenomenon-divorcing while dying. Specifically, the article looks at actor Dennis Hopper and political wife Elizabeth Edwards. This, however, is not just an issue for the rich and/or famous. The spouse is the one person you cannot disinherit. Especially if you have children from another mother or father, this may be a major issue.
In Virginia, there is the Augmented Estate Act which provides that no matter what provision, if any, that you make for your spouse in your Will that he/she can elect not to take what you gave and instead to get one-third of your estate. Most people don't know this and think they can exclude their spouse in the Will or leave them $1.00.
If the parties are separated, the spouse can be barred from claiming their elective share, but this often leads to litigation. The spouse has a right to have a jury decide if the parties were separated-and remember the other spouse is dead now and can't testify. I have had those trials. It is not a good legacy to leave to your children. For this reason, many people facing death decide to divorce to avoid the issue for their heirs.
Showing posts with label Augmented Estate. Show all posts
Showing posts with label Augmented Estate. Show all posts
Wednesday, February 10, 2010
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