Once your divorce is finalized, there will be a lot of changes you need to make in your life to accommodate your new situation. Any time you have a major change in your life, it’s a good time to revisit your estate plan, and a divorce is no exception. Most divorces provide for the fact that your ex-spouse should not benefit from your estate post-divorce, but estate planning documents should be updated after a divorce to make that clear.
Below are just a few things you should know and steps you should take with regard to your estate plan after your divorce is complete:
- Your estate planning attorney should get a copy: When you receive your divorce decree, it can be helpful to give a copy of it to your estate planning attorney. This can help them better serve you and get an accurate sense of the assets and debts you’re now dealing with.
- Change power of attorney: Your power of attorney had likely been your spouse, so it’s a good idea to have a trusted friend or relative take the mantle, as you don’t want your former spouse in charge of your financial matters if you are unable to handle them yourself.
- Change healthcare proxy: In addition, you should make sure your ex-spouse is no longer the person you have listed as your healthcare proxy or agent in your advance directives, as you likely no longer want them making medical decisions on your behalf.
- Disinherit: Remove your former spouse from your will and trust so they no longer inherit any of your assets, and make sure you no longer have them classified as an estate executor or trustee.
- Change beneficiaries: If you have any policies or accounts with named beneficiaries, such as life insurance, payable on death accounts or other, make sure to change those beneficiaries to someone other than your ex-spouse.
- Think of the kids: Make sure you’ve got trusts in place for your children, if you did not already. You may also want to rethink who you want to have guardianship of your children in the event you and your former partner pass away before they reach adulthood.
For more tips about how to manage your estate planning process after a divorce, contact an experienced Minnesota family law attorney with Appelhof, Pfeifer & Hart, P.A.