Divorces are an overwhelming and complex process. There are many steps and boxes to be checked off. One of the most important is updating your estate plan. If you are going through a divorce, it is crucial that you update your estate plan. More likely than not, your former spouse has authority in your assets, and if you fail to alter your estate plan, your former spouse may be able to control your financials or make life-or-death decisions on your behalf long after your divorce has been finalized. Do not hesitate to contact our firm today to get started. Our experienced Pennsylvania estate planning attorneys are dedicated to helping you navigate through this process.
Should I update my estate plan after a divorce in Pennsylvania?
In most cases, a spouse has authority over their spouse’s estate plan and can be their healthcare proxy. Spouses can also share in joint assets such as wills or trusts. Typically, after a divorce, a spouse will not want their former spouse to have authority over their assets once they are no longer married. This is why it is important for an individual going through a divorce to update their estate plan to ensure that their former spouse does not have that power anymore.
If you are going through a divorce, it is strongly advised that you update your estate plan so that your chosen loved ones can inherit your assets. Reach out to our skilled Pennsylvania estate planning attorneys today to get started.
What documents should I update in my estate plan?
There are various personal documents that must be updated when modifying your estate plan. Some of the documents include:
- Power of attorney
- Healthcare Proxy
- Trust agreements
- Life insurance
There are various other documents that also may need to be updated. It is important to discuss this process with an experienced estate planning attorney to ensure your plan is not missing anything.
What can happen if I do not update my estate plan after my divorce?
If you fail to update your estate plan following your divorce, your former spouse will still have ties to your assets, finances, and decision-making abilities.
If you are going through a divorce, it is in your best interest to update your estate plan as soon as possible to ensure that your assets can fall into the hands of a chosen loved one and not your former spouse. Contact Heritage Elder Law & Estate Planning today to get started today. Our legal team is committed to ensuring that you and your future are protected.
CONTACT OUR EXPERIENCED PENNSYLVANIA FIRM
Whether you are dealing with matters involving estate planning, estate administration, or elder law, you need a legal team that you can feel confident will represent your best interests, every step of the way. We are that legal team. Contact Heritage Elder Law & Estate Planning today so we can get started.