Larry King is notorious for having been married 7 times, but now there is controversy about his last wife Shawn King as it relates to his Estate Plan. He apparently had a secret Will created after the couple filed for divorce in 2019.
Find more about Mr. King’s situation here.
Larry’s predicament is not unique, and if you find yourself in the same situation, an estate planning attorney should be consulted, in addition to a family law attorney.
In California, once a divorce is finalized, all provisions in Wills for distribution of property and conferring of powers on a former spouse are revoked under Probate Code 6122. In addition, all non-probate transfers to a former spouse are also revoked under Probate Code 5040. But what about the state of limbo between the filing of the divorce and the finalization? This is where Mr. King found himself.
There are restrictions under the California Family Code that limit each party’s ability to make transfers, sell or encumber assets, and change beneficiary designations (non-probate transfers). These restrictions are detailed in Section 2040.
However, Family Code Section 2040 does not prevent someone from creating a new will or trust. On its face, there should be nothing wrong with Mr. King creating a new will during his divorce proceeding. The real question now will be, which assets are going to be governed by that new Will. If everything is held in a joint Trust with Mrs. King, those assets will be distributed according to the provisions of that document despite the new Will because their divorce was not finalized. If there are assets outside of the trust that are in Mr. King’s name alone, those will be governed by the new Will.
Like mentioned earlier, this case is not limited to Mr. King. In fact, it should be a reminder that it can happen to anyone of any worth. Call Tresp Law, APC today to schedule your consultation and begin planning for your future. We now offer face-to-face consultations utilizing video conferencing technologies such as FaceTime, Duo, and Zoom.
