If you and your spouse have decided to part ways, you know that this decision will result in changes to virtually every aspect of your life. In addition to matters that play into your life on a daily basis currently, you may want to re-evaluate other parts of your life such as your estate plan.
With many elements involved in a comprehensive estate plan, you will need to know what you can update before your divorce is finalized and what you will want to update after your divorce is complete.
Financial and medical decisions
As explained by Forbes, a durable power of attorney and a medical power of attorney may well be part of your estate plan. As is common with married persons, you may have named your spouse as the first person able and responsible to make financial and medical decisions on your behalf should you become unable to do so. After separating from your spouse, however, you may wish to assign this responsibility to another person. You may do this at any time once you and your spouse separate.
Wills, trusts and beneficiary designations
When it comes to updating the portions of your estate plan that outline your wishes for how your assets should be distributed upon your death, waiting until your divorce is completed will be important. This allows you to know what assets you have remaining so you can make the right decisions.
This information is not intended to provide legal advice but is instead meant to give separated and divorcing spouses an overview of the factors to consider relating to their estate planning during and after their divorce.
