Getting through a divorce is no small feat. It is often referred to as one of the most painful and stressful life events a person can experience. If you are recently divorced, you are probably all too ready to move forward and away from the legal system.
Before you do this, though, it can be a wise decision to update your estate plan to reflect the change in your marital status. While it may seem inconvenient or unnecessary, making changes to your estate plan now can save you and your loved ones considerable grief and frustration in the future. Below, we examine a few of the elements that you can change.
You likely exited your divorce with less property than you had when you created a will, if you did so when you were married. Updating your will to ensure asset distribution is accurate and current can resolve several headaches before they arise. Additionally, updating your will to remove mentions of your ex can prevent challenges based on outdated information.
Your end-of-life care and decisions
Divorce can affect your plans for retirement, your wishes for care should you become incapacitated and your decisions for where you would like to rest. To make these changes known, review your financial resources and make any necessary adjustments to care facility specifications and funeral requests.
Your powers of attorney
Without a spouse to make medical and financial decisions on your behalf should you become unable to do so on your own, this responsibility may go to someone unprepared, unwilling or untrustworthy. To avoid this, review your financial power of attorney, healthcare power of attorney and other designations, including your personal representative, and ensure you appoint someone intentionally.
All of this can be a lot to manage, particularly when you are still recovering from a divorce. However, you don’t have to figure this all out on your own. You can speak to an estate planning attorney who can help guide you through the process and offer advice in an effort to avoid mistakes and oversights.