One of the most important steps in a divorce is updating your estate plan. You will want to update your estate plan after a divorce to ensure that your assets are not in the hands of your former spouse anymore. Contact Collis, Griffor & Hendra today to speak with one of our experienced Michigan estate planning attorneys.
Should I update my estate plan after a divorce in Michigan?
In most cases, a spouse has authority over their spouse’s estate plan. This means that they are usually their healthcare proxy and will also have joint assets like wills or trusts. After a divorce, it is common for a spouse to not want their former spouse on their estate plan anymore. The only way to fix this is to modify the estate plan so that the individual’s assets are no longer in the hands of their former spouse.
It is imperative that you update your estate plan after your divorce to be sure that your assets are going to a chosen loved one, rather than a former spouse. Our firm can help you with your estate plan modification. Do not hesitate to contact us today to get started.
What documents should I update in my estate plan?
If you would like to adjust your estate plan, it is important to understand that there are several personal documents that must be updated along with it. One of the documents is the power of attorney. A power of attorney gives someone the ability to make decisions on your behalf. In most cases, people will appoint their spouses. If you selected your spouse as your power of attorney and are now divorced, you will need to choose another close friend or family member as soon as possible. You will also want to update your will. Usually, a spouse is an executor of your estate, which means that the majority of your estate and assets will go to them. If this sounds like your situation, you should update your will and choose a new executor. Additionally, you may need to update your healthcare proxy. In some cases, people appoint their spouses to make important medical decisions on their behalf in the event that they become incapacitated. If your former spouse is your healthcare proxy, you will likely want to change that to an appointed loved one.
These are just a few of the many documents that may need to be altered. It is in your best interest to contact one of our experienced estate planning attorneys to discuss your case and which documents you will need to change.
Contact our Firm
Sometimes, divorce, family, and estate matters are difficult to navigate. Fortunately, they do not have to be with the assistance of a compassionate, knowledgeable attorney who is willing to guide you every step of the way. If you need a seasoned firm to help you with any divorce, family, or estate-related matter, please do not hesitate to contact Collis, Griffor & Hendra today to schedule a consultation.