Estate planning is one of the most important things you can do for your future. Many people create their estate plans with their spouses. For example, it is likely that you have left many of your assets to your spouse. Additionally, you may have named your spouse as your power of attorney. There are a number of other ways in which your spouse may be entangled in your estate plans. For this reason, when it comes to a divorce, it is important to update your estate plan. You should update your estate plans during your divorce, but, it is also important that you take a look at your estate plan after your divorce has been finalized. Read on to learn more about updating your estate plans after a divorce.
What Documents Should I Update After my Divorce?
Some of the documents you should update after your divorce include:
- Advanced health care directives
- Last will and testament
- Life insurance
- Power of attorney
- Trust agreements
What Could go Wrong if I Do Not Update my Estate Plan After a Divorce?
If you do not update your estate plan after your divorce, your assets may go to an unwanted beneficiary. Additionally, if you have your former spouse listed as your power of attorney, he or she may still possess legal control over serious healthcare decisions and financial decisions on your behalf. This can have serious negative impacts down the line.
How Often Should I Update My Estate Plan?
As your life changes, your estate plan should reflect these changes. While it is important to update your estate plan after a divorce, there are a number of other circumstances that may mean updating your estate plan. You should also update your estate plan in the event of remarriage, the birth/adoption of a child, the death of a loved one included in your estate plan, and more. Generally, you should update your estate plan every 3-5 years.
If you have any questions or concerns about updating your estate plan after your divorce, reach out to our firm. We are here to walk you through the process every step of the way.
Contact our Firm
Working with an experienced estate planning attorney, such as Jaci Feldman of the Woodland Hills, California, Law Offices of Yacoba Ann Feldman, will ensure that you are taken care of when you need it most. Do not delay. Estate planning is a more urgent matter than you may think. You never know what the future holds. Contact The Law Offices of Yacoba Ann Feldman to schedule a consultation today.