If You're Getting Divorced, Update Your Estate Plan

June 20, 2018

By: Christine Fletcher, Contributor

Forbes.com

 

 

 

Divorce is not easy. It’s not only a difficult time emotionally, but you also have a lot to do and many decisions to make. I am going to add one more task to your “to do” list. You need to address your estate plan. It could be the plan deep in your filing cabinet that you and your current spouse executed 10 years ago or the one you never got around to signing. Either way, take care of it now.

 

While the divorce is ongoing, your current spouse has certain rights. You want to make sure you meet your legal obligations to your spouse while exercising as much control over your assets as possible. If you die or become incapacitated prior to the divorce being finalized, you want to retain as much control as possible. Below are eight things you need to do:

 

1. Update your Health Care Proxy

2. Change your Power of Attorney

3. Find out what you can and cannot alter

4. Update your Will

5. Decide what to leave your spouse

6. Look at your Prenupital (or Postnupital) Agreement

7. Amend your Trust

8. Revisit your plan after the divorce is final

 

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