Spouses often give one another large roles in their estate plans. If that’s your situation your marriage falls apart, however, you need to review your estate plan.
If you gave your spouse certain powers, such as power of attorney, during your marriage, you may want to limit this power after you decide to go your separate ways.
In this post, we will look at areas of your estate plan that you might want to revisit during a divorce.
Your will and trusts
If you made your spouse a beneficiary when creating your will or trusts, you may want to update your beneficiary designations. You may not be able to completely cut your ex from your estate plan. You may not want to do so, either. Where possible, though, you may want to give some of your assets to a child or other family member or close friend, rather than your ex.
Your health care directives
It is unlikely, but not impossible, that you become incapacitated before your divorce is finalized. If you are like many married parties and gave your spouse medical power of attorney, you may want to transfer this responsibility to someone else.
Your guardianship plans
In some cases, you may not want your ex to serve as your child’s guardian if you were to die. For example, if you divorced because your ex was abusive or developed a substance abuse problem, you may want to name someone else your child’s guardian.
Not every divorce is amicable. If your is not, it may be wise to revisit your estate plan.