One of the keys to proper estate planning is reviewing your estate plan on a regular basis, making sure that it reflects changes to your life and to your family dynamic. Case in point: It’s always important to review and revise your estate plan as you begin divorce proceedings.
Consider this: Should you die or become disabled before the divorce is finalized, your spouse may assume legal control over your estate and your end-of-life wishes. This may not be what you wish to happen, especially if the divorce proceedings are acrimonious or you and your spouse are completely estranged.
Estate Planning and Divorce
If you are thinking about a divorce, then, we’d also recommend meeting with your estate planning attorney to make sure everything is up to speed. Some specific considerations:
- Your will. Different states have different statutes for how a will is interpreted in the wake of a divorce; make sure you ask your lawyer about this, and about any changes that you need to make to your will.
- Your trust. You should also ask your attorney about any trust that you have created; in some cases, these trusts might go directly to your spouse, even if divorce proceedings are in the works.
- Your power of attorney. Have you signed a power of attorney, giving your spouse the legal authority to act as your agent? In many states, this power is automatically revoked when either party files for divorce—something to be aware of.
Get Help from an Estate Planning Lawyer
You will doubtless have many questions about how to revise your estate plan as divorce unfolds, even beyond the points made here. Reach out to Singh Law Firm for any estate planning queries—and don’t delay! Remember, it’s always important to have an estate plan that reflects your current family realities.