Updating your Estate Plan

Divorce is not easy, and updating your estate plan may not even be on your mind. However we understand that you have many decisions at this time, but you should defiantly address your estate plan. While the divorce is ongoing, your current spouse has certain rights. You want to make sure you meet your legal obligations to your spouse while exercising as much control over your assets as possible.

Update you health care

Updating your health care should defiantly be looked at before the chances of an emergency. You likely could have a health care proxy naming your spouse as the decision maker. This may not be what you want when you are in the midst of a divorce.

Change your power of attorney

You and your spouse probably executed powers of attorney at some point. If it is a durable power of attorney, it gave your spouse access to all of your accounts and assets now while you are competent. This includes access to assets in your name alone. This should concern you, particularly if the divorce is not amicable. You need to revoke that power of attorney, execute a new one and possibly provide notice to your current spouse of the revocation. This is typically done through your attorney.

Update your will

Allowing your partner to have any form of control over your estate post divorce may be something you want to change. Start by removing her/him as an executor.

Look at your prenuptial (or postnuptial) agreement

If you have a prenuptial agreement, your divorce attorney hopefully reviewed it in light of your divorce. Make sure you also look at this document to see what your spouse is entitled to in the event of your death. Your new estate plan should be consistent with the terms of your prenuptial agreement.

Revisit the plan after the divorce is finalised

Estate planning during divorce is often a temporary measure. Once the divorce is finalized, you must revisit your estate plan and see what needs to be updated in light of the divorce.