Do not forget to update your estate plan when facing a divorce

Do not forget to update your estate plan when facing a divorce

| Jul 13, 2020 | Divorce, Estate Planning, Family Law |

Anyone going through a divorce is likely to have a lot on their mind. Between matters like child custody and property division, it can be easy to forget the other responsibilities you may have. If left unchecked, some of these matters could hurt you later in life. While you will want to prioritize your children and your assets, it is vital that you find some time to update your estate plan at some point during and after your divorce as your plan may affect everyone involved.

Have you drafted a power of attorney?

If you executed a power of attorney, your ex-spouse may gain control of your assets and accounts if you become incapacitated. You will need to contact your attorney and revoke your current power of attorney and draft a new one.

Who have you named on your will?

You may have your ex-spouse or another relevant family member or friend on your will. Their place as a beneficiary does not change simply because you file for divorce. A will can also determine the fate of your children. Did you have children prior to the marriage? Is your ex-spouse named as their guardian in the event of your death? You may want to amend or revoke your current will altogether.

Review all vital plans following the divorce

In addition to updating your power of attorney and will, there are other estate plan elements you will want to consider. Do you have a trust? What about a healthcare proxy? Your family attorney can help you sort through these matters once your divorce is finalized.