More than simply your relationship status is impacted by divorce. It is a long-lasting legal action that affects trusts, wills, and other estate planning tools.
More than simply your relationship status is impacted by divorce. It is a long-lasting legal action that affects trusts, wills, and other estate-planning instruments.
After a life event, like a marriage, the birth of a child, separation, or divorce, it is vital to examine your Will and estate planning. We’ll especially examine how divorce affects estate planning and why it helps.
1. Wills
If you fail to create a new Will upon your marriage, your spouse will likely inherit a large portion of your estate. This isn’t a problem for people who marry for the first time, but if you have children from a previous marriage, you must take control of your estate.
2. Power of Attorney
A divorce may cause your will to be revoked, but it has no effect on an enduring power of attorney (EPA). If you no longer want your ex-spouse to make financial choices for you, you must also revoke the EPA because it gives the named attorney the authority to act in your place.
3. Estate Planning Checklist
When going through a divorce, it’s crucial to pay attention to a few crucial aspects, regardless of whether you have a comprehensive estate plan or only a super with your workplace. Although you always need to plan for the future, you must make sure you fulfill your legal commitments to your ex-spouse.
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- Update Your Will – If you decide to revoke part of the designations made in your earlier Will, you must inform the people who were previously nominated and provide them with revocation documentation.
- Prepare To Update Your Documents – as soon as you are separated if you don’t want your spouse to make financial or medical decisions for you.
- Update Your Login Credentials – for your online accounts and notify service providers that your former spouse is no longer permitted to access your records.
- Modify Your Life Insurance – Some people assume that the legal wording on their divorce documents will take care of details like insurance beneficiaries.
- Discuss With An Estate Planning Attorney – about the advantages of creating a trust for your estate plan. Trusts protect beneficiaries from lawsuit challenges, which can be common in cases of divorce.
The list can go on but we can help you along each step of the way. Additionally, we can help you review your estate plan and make any changes that will help you to reach your new goals.
Get Help Today & Contact Our Office To Consult With An Estate Planning Attorney.
From personal estate planning creation for your any life events and required administration or the ability to financially secure your business, we will offer you the support and guidance you need at Hurban Law.
