Estate Planning During a Divorce | What to Know

If you are in the process of getting a divorce, you are likely experiencing a big life change. As a result, it is important to update your estate plans to reflect these changes. Often, married couples plan their estates together, and when a marriage ends, these plans will need to be altered. Read on to learn more about the documents you may need to change in the event of a divorce.

Change Your Power of Attorney

A power of attorney allows you to give an individual the power to make legal decisions on your behalf. This individual may be able to access your assets and accounts. Often, people choose to appoint their spouses. If you have created a durable power of attorney and appointed your spouse, you will need to choose another close friend or family member. This should be done as soon as possible.

Update Your Will

Your will is an incredibly important document. It allows you to declare how your assets should be divided in the event of your passing. It will also allow you to leave your most important possessions to certain loved ones. You may have left the majority of your estate to your spouse. You may have also made your spouse the executor of your estate. If this is the case, you will likely want to update your will and choose a new executor.

Change Your Health Care Proxy

We all have vastly different beliefs and opinions when it comes to our healthcare. As a result, you may have created an advance healthcare directive, declaring your wishes for your end-of-life medical treatment. In some cases, people appoint a loved one to make important medical decisions on their behalf in the event that they become incapacitated. If you have appointed your spouse, you will likely want to change this.

Review Again After Your Divorce

There are some things that cannot be changed until your divorce is final. It is important to update your estate plan as soon as possible, but you should also revisit it once your divorce has been finalized in case there is anything else you will need to change.

If you are going through a divorce, it is important to update your estate plans. We understand the stress of a divorce and we are here to walk you through all of your estate planning matters.

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.

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