A divorce or separation can significantly impact the estate plan you put in place with your spouse. A divorce can impact beneficiary designations, asset distribution, and roles of individuals named in your documents like executors or trustees. It is critical that you update your estate plan as soon as the divorce is finalized and perhaps update a few of your documents prior to the final divorce decree. Be sure to meet your legal obligations to your spouse during the proceedings but also exercise as much control over your assets and decision-makers named in your documents as possible. Here are a few things to consider:
1) Update your health care documents.
2) Update your property power of attorney.
3) Consider updates to your last will & testament or revocable living trust.
4) Update your beneficiary designations after the divorce decree.
5) Conflict of Interest.
The attorney that worked with you and your spouse to set up your estate plans will now have a conflict of interest and be unable to represent you separately from your former spouse after the divorce decree.
This is not an exhaustive list of all the ways that a divorce or separation may impact your estate plan but is a good starting place to consider steps you may want to take immediately and those that will need to wait until after the final divorce decree.
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