Going through a divorce changes every aspect of your life, for better and for worse. If you are currently navigating a divorce, you may be trying to handle the logistical and emotional aspects at the same time. While this is difficult, it is often necessary in order to get the desired outcome.
One thing that you may want to consider during the divorce proceedings is your estate plan. Depending on your age, health and lifestyle, you may see the need to make the necessary updates sooner rather than later so that you are able to have peace of mind when it comes to knowing that your last wishes would be observes. The following is an overview of so things you may want to consider when updating your estate plan during divorce.
Change your power of attorney
It’s likely that whentogether with your spouse that you both named each other as powers of attorney. If you named your spouse as your durable power of attorney, this means that your spouse currently has access to all of your accounts and assets. For obvious reasons, this needs to change now that you are getting a divorce.
Update your will
You should ideally take swift action to update your will when you know that you are getting a divorce. Start by removing your divorcing spouse as executor, and then consider who you want to be the beneficiaries of your estate now that you are going through a divorce.
Consider pre- or post-nuptial agreements
If you have a pre-nuptial agreement, it may already state what your spouse is entitled to in the event of your death after a divorce. Similarly, consider the terms of the post-nuptial agreement if you have decided to put one in place.
If you are, consider how this will affect your estate plan no matter your age. By understanding your options, you will be able to make the best possible decisions.