In addition to trying to overcome the emotional hurdles of divorce, you will be required to make a number of important decisions, including those related to your estate.
Addressing your estate plan helps protect your assets and meet obligations to your spouse if you were to die or become incapacitated during the divorce process.
So, what steps do you need to take? Here are 6 estate planning measures that should be carefully considered when getting divorced:
1. Update Your Power of Attorney
During divorce proceedings, you should execute a new power of attorney and appoint a trusted person to make decisions regarding your accounts and assets in the event that you become incapacitated. You will need to notify your spouse of the revocation of any power of attorney that had previously given him or her these powers.
2. Change Your Health Care Proxy, Living Will or Advanced Medical Directive
It is important to change your health care proxy, living will or advanced medical directive when getting divorced. Select an individual other than your spouse who can make medical decisions for you if you are unable to do so.
3. Review Prenuptial (or Postnuptial) Agreements
Once you decide to get divorced, you and your attorney should review your prenuptial or postnuptial agreements, reviewing specifically what your spouse may be entitled to upon your death.
4. Update Your Will
Updating your will, or executing a new will, is an important estate planning strategy when getting divorced. If your spouse is the executor of your will, consider designating a trusted third party to assume this important role. If you have minor children, you may also want to explore options for designating an alternate guardian in the event that you and your soon-to-be former spouse die during their minority.
5. Review Your Trust Documents
It is also important to review your trust documents with your divorce attorney to determine whether changes need to be made during the divorce process or as part of a divorce settlement.
6. Reassess Your Estate Plan Post-Divorce
Once your divorce is finalized, be sure to review your estate plan carefully and make any necessary changes – especially those that were not permitted while the divorce was pending.
Learn More About Estate Planning When Getting Divorced
The attorneys at Cooper Ginsberg Gray can assist you with obtaining estate planning services during and after the divorce process. Contact our office today to learn more.