Just Divorced? Time To Review Your Estate Plan
Here are a few things you should discuss with your estate planning attorney:
Last Will and Testament: Now is the time to review and revise your Will, in light of your new circumstances.
Revocable Living Trust: If your ex-spouse was named Disability Trustee or Successor Trustee, let alone beneficiary, you might want to revise your Revocable Living Trust.
Beneficiary Designations: If your former spouse was beneficiary of any payable on death accounts, life insurance policies, or other property, youll want to review this with your attorney. The law automatically terminates your spouse as beneficiary of some accounts, but not others. Plus, youll want to designate new beneficiaries to replace your ex.
Power of Attorney: Many spouses designate each other Attorney-in-Fact under a financial Power of Attorney. Now that your divorce is final, youll likely want to make a new Power of Attorney, designating a new Attorney-in-Fact.
Advance Healthcare Directive: If you designated your ex-spouse to act as your healthcare agent pursuant to your Advance Healthcare Directive, you may no longer want him or her to serve in this capacity. Your attorney can help you designate a new healthcare agent.
If you and your spouse have young children, its important to note that, in general, upon the death of one parent, minor children automatically go to the surviving parent. Of course, if your ex-spouse poses a danger to your children or is otherwise unfit, you can talk to your attorney about ways to prevent this.