Important estate planning considerations amid divorce

On Behalf of | Apr 30, 2020 | Estate Planning |

When you created your estate plan, you may have given your husband or wife any number of different rights and responsibilities, but if you are now making your way through a divorce, it may be time to give it some fresh attention. If you are similar to many others in your shoes, you may want to limit just how much control your ex has over your financial, medical and other affairs, and you may have to update your estate plan to accomplish this. 

Per Forbes, it may benefit you to update your estate plan by taking the following steps when you divorce. 

Revisit your will and trusts 

While you may not necessarily be able to completely remove your ex from your will or trust, there may be places where you have a chance to limit or reduce the amount you leave behind to this person. Also, many married people name their spouses as executors over their estates, but once your marriage ends, you may want to give this responsibility to someone else. 

Update powers of attorney and health care proxies 

If you once gave your ex power of attorney over your financial or other affairs, this may be a good time to have someone else take over. The same holds true when it comes to your health care proxy. Unless you want to risk your ex having the ability to make medical decisions in your place in case of an emergency, consider revisiting your health care directives. 

While these are important steps to consider taking once your marriage ends, you may also want to reconsider any guardianships you have in place for your kids. You may, too, want to familiarize yourself with any life insurance obligations you may have to avoid unpleasant surprises later on. 

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