Going through a divorce is an incredibly challenging and emotionally draining experience. Following the upheaval of separating assets and rebuilding your life, it’s important to remember to update your estate plan. Estate planning after a divorce is crucial to safeguarding your assets.
Following divorce it’s important that you revisit your most recent last will and testament. Most likely, the will you have contains provisions regarding your former spouse, such as naming them beneficiary and/or appointing them as an executor or trustee. Post divorce, you will want to modify these provisions to reflect the changes in circumstance.
Additionally, you will likely need to appoint a new decision maker. Your spouse would have been the person who would make important healthcare and financial decisions on your behalf as healthcare proxy and through power of attorney. It is crucial to revoke these appointments and designate a new individual whom you trust with these decisions moving forward.
Finally, seek professional guidance. Estate planning can be complex, and following a divorce, it can become even more necessary to have a professional to help ensure your documents reflect your post-divorce wishes. Remember, estate planning is a continuous process, and reviewing these documents are essential to adapting to life’s challenges.
If you or a friend or loved one are considering estate planning for the first time, or are in need of updating an existing plan, please contact the attorney at Skillern Law Firm, PLLC by phone at 918-805-2511 or contact@skillernlaw.com. Feel free to also book an appointment with our firm using our Book an Appointment Online page!
