All adults should have an estate plan in place so their loved ones know their wishes. Even if you have your estate plan in place, you still need to remember to review it periodically. One such instance is if you get a divorce.
After you go through a divorce, you need to take a look at every estate planning component so you can ensure it reflects your current situation. There are a few specific things that you need to remember as you’re updating your estate plan after divorce.
1. Check your powers of attorney
During your marriage, you may have had your spouse handling powers of attorney duties. Obviously, most people don’t want their ex to take care of this. You need to get powers of attorney in place for health care and finances. You can name one person to handle both of these, but that’s not necessary. Just be sure that whoever you name to these fully understands your wishes.
2. Revise your will and trusts
Your will and trusts will likely need to be updated because of the changes in assets that come with property division. All assets should be covered in either the will or in a trust, but never in both.
3. Outline plans for the children
More than likely, your children will be in the custody of your ex if something happens to you. It may behoove you to have a plan outlined for them if something happens to you and your ex. If you and your ex can get along, it may be best to have a plan for the children that you both agree to.
You may have other points to consider as you make your estate plan. Working with someone familiar with your situation may be beneficial so you can ensure everything is covered.