Getting married means planning on spending the future together. Part of planning for the future is planning for your estate. As such, your spouse is most likely deeply intertwined in your estate plans.
It is easy to forget about your estate plans, especially in the midst of a divorce, but it is important that you do not let this happen. It is important to update your estate planning during your divorce and again after. Read on to learn more about updating your estate plan after a Pennsylvania divorce.
What Documents Should I Update?
You should update your health care proxy. This document can give an individual the power to make important healthcare decisions on your behalf in the event that you are unable to do so yourself. It is likely that you do not want to leave your ex in charge of your healthcare. As a result, this should be updated immediately. You should also update your power of attorney, which can give an individual the power to make legal and financial decisions for you. Leaving your spouse in charge of this is likely a bad idea. For example, if a spouse is your durable power of attorney, they have access to all your accounts and assets. Additionally, you should make sure that your spouse is no longer the executor of your will. You should also decide what assets you want to leave to your spouse.
Why Do I Have to Update my Estate Plan Again After My Divorce?
When it comes to your divorce, you should update your estate plans as soon as possible. But, do not make the mistake of assuming you are done after this. You will have to look over your estate plan again once your divorce is finalized. This is because there are certain documents that may not be altered until after a divorce. Some of these documents may include a beneficiary designation of life insurance, retirement accounts or plans, and a pension. Sometimes, these designations have to stay in place until a divorce is final. As a result, it is important to look over the estate plan once again after a divorce is final. This ensures any missing details can be updated and nothing is overlooked.
If you have any questions or concerns, contact our firm today to speak with an experienced attorney.
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