Estate Planning During a Divorce | What to Know
If you are in the process of getting a divorce, many aspects of your life will change. Your estate plan should be updated to reflect these changes. Your estate plan allows you to make important decisions regarding your future. Many couples create estate plans involving each other once they are married because they have combined their assets. When getting divorced, this is one of the many aspects to untangle. It can be difficult to think about when you have so much on your plate but updating your estate plan in the wake of a divorce is a necessary step. Read on to learn about some of the most important changes to make when it comes to your estate plan during a divorce.
Change Your Power of Attorney
Power of attorney allows a person to make decisions for another when they can no longer do so themselves. If an individual is dying or incapable of communicating their own desires, another person may be given the authority to make these decisions on their behalf. Often, power of attorney is given to a spouse. So, in the event of your divorce, you will likely want to update this and choose a different person to handle these decisions.
Update Your Health Care Directive
A health care directive is a written document that informs others of your wishes regarding your health care. It allows you to name a person to decide upon the matters of your health if you are incapacitated or if you want someone else to decide for you. Again, if your ex-spouse is in charge of this, you will probably want to choose another loved one to be responsible.
Update Your Will and Trusts
As your life changes, your will should be altered to account for these changes. You will need to make the necessary changes to account for your divorce in your will and decide what assets you want to leave your ex-spouse. In many cases, if you write your spouse out of the will completely, he or she can contest the will. Additionally, if you have a revocable trust regarding your ex, you will want to change that as well. Your estate plans should reflect this new chapter of your life.
If you are getting divorced and you would like to update your estate plan, you will need the help of an experienced estate planning attorney. An attorney can make sure you cover all of your bases and advise you on all of your estate planning needs. Reach out to our firm today to begin the process.
Contact our Firm
If you need an experienced legal team to guide you through your divorce, contact Townsend, Tomaio & Newmark L.L.C today.