When you are going through a divorce, there are many decisions to make and changes that need to be made, including your estate plan. A divorce typically doesn’t happen quickly, and it’s not unknown for the divorce process to last for several years. During this period you need to review your estate plan and make sure you are protected during this interim period.
1. Update Your Health Care POA
A health care power of attorney or proxy identifies who you want to make your health care decisions in the event you are injured or incapacitated. Do you want your current spouse to make your health care decisions? If you are going through a divorce, you may want to update your health care POA to someone other than your spouse.
2. Review Your Beneficiaries
Divorce can be contentious, and too often bring out the bad side of people. Before you make a quick decision about changing your beneficiaries, consult your divorce attorney. State divorce laws vary on divorce financial issues, and you don’t want to cause yourself more problems. Many states prohibit changing your beneficiaries before a divorce is finalized.
3. Amend a Revocable Trust
If you have created a living trust or another revocable trust to manage and transfer your assets during your lifetime and avoid probate, you should review the conditions of your trust during your divorce to protect yourself and your assets. State laws vary on changing the conditions of a revocable trust before a divorce is finalized, so be sure to consult your divorce attorney to make sure your actions are legal.
After your divorce is finalized, you should meet again with your estate planning attorney to review the best options to protect you and your family’s new circumstances.
An estate planning attorney is an important part of your divorce team. Contact an experienced estate planning attorney at Estate & Probate Legal Group in Lombard Illinois today at 630-800-0112.