When it comes to estate planning, your spouse is likely deeply involved in your plans. There is a good chance that you have left your spouse important assets and given him or her a large amount of power over your estate. If you are getting divorced, you will have to be sure to update your estate plans. Failing to do so can lead to serious legal repercussions. Read on to learn more.
If you are Getting Divorced, Update Your:
- Power of attorney– this 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.
- Will– this 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.
- 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.
There may be other documents to update, so be sure to speak with an estate planning attorney to make sure all your bases are covered.
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 getting divorced, reach out to our firm to speak with an experienced estate planning attorney.
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.
