An estate plan can help to determine what happens to your assets after you pass away, as well as your future health care. If you are married, or have recently been married, your estate plan likely concerns your spouse. Understandably, a divorce may cause you to reconsider whether your spouse or former spouse should be named in your estate plan in any context.
You may need to make changes to your estate plan after a divorce. Seeking experienced legal guidance is a great way to get started.
What changes should you make to your estate plan?
Your spouse may have been named in your estate plan as a primary beneficiary. They could ultimately inherit any separate assets, investments or businesses you own if they are not formally removed from your estate planning documents. Or, you may need to update your estate plan so that your spouse does not benefit from retirement accounts or financial accounts, such as 401(k)s or life insurance policies. You may want to consider naming other family members, such as siblings or children, as beneficiaries of your estate.
Your estate plan may also include a power of attorney. A power of attorney is a legal representative who acts on your behalf if you become incapacitated. Many people name their spouse as their power of attorney. If your spouse is your power of attorney, they could have access to your medical information or financial accounts or could determine your health care. You may need to consider naming someone else to act as your power of attorney after a divorce.
Making changes to an estate plan after a divorce does not have to be difficult. You can reach out for professional legal guidance to learn more about estate planning modifications quite easily.