While there are some things we cannot control, having an estate plan in place and getting divorce documents finalized are two things we should do our level best to manage. The aptly titled article, “Shannen Doherty’s Estate: When Timing is Everything” from Wealth Management, explains how preparation matters.
Known for her roles in Beverly Hills 90210 and Charmed, Shannen Doherty passed away after battling breast cancer. She filed for an uncontested divorce from her husband, Kurt Iswarienko, one day before she died. He signed the agreement the very next day, making the divorce final.
The timing meant that Doherty’s assets were distributed according to the terms of the divorce settlement and her last will and testament. A finalized divorce meant Doherty regained control over assets, so they could be passed to beneficiaries according to the directions of her estate plan.
If her now ex-husband hadn’t signed the divorce papers, the outcome could have been very different.
When someone dies during an active divorce proceeding, the process of the divorce either stops or is changed. If the divorcing couple didn’t have an estate plan, the decedent’s estate would be treated as if there was no will, known as being “intestate.” In a community property state, the surviving spouse would have a claim on the estate.
In Doherty’s case, any residuals from her work earned while they were married would be considered community property. Litigation would be likely, as the two were engaged in a battle in the weeks before she died. Doherty was seeking temporary spousal support as the residual income from Charmed (via streaming services) would no longer be available after June 30, 2024, due to it being pulled from streaming. She accused Iswarienko of earning millions and withholding income information.
Had he not signed the divorce papers when he did, he could have had a claim for the estate, which included a $6 million home in Malibu.
In California, if a spouse dies in the middle of divorce proceedings, jurisdiction moves from family court to probate court. People in the process of divorcing should ask their estate planning attorney what their state’s laws are regarding this issue to be sure they protect their estate, regardless of their age and stage of life.
Preparation for the unexpected is another reason people are encouraged to have estate plans in place. Establishing trusts, having a last will and testament, Power of Attorney, Healthcare Proxy, Living Will, and other documents are all needed to ensure that your wishes will be followed and your loved ones cared for.
Shannen Doherty’s story serves as a powerful reminder of how critical timing is in estate planning, especially during major life events like divorce. If you too want to secure the proper distribution of your assets according to your wishes before the unexpected, we can help. Our estate planning attorneys can guide you through every step of the way.
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Reference: Wealth Management (Aug. 13, 2024) “Shannen Doherty’s Estate: When Timing is Everything”
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