If you are getting divorced, one of the most important things to do is update your estate plans. This is because your spouse is likely involved in your estate plans in a number of important ways. Read on to learn more.
What Documents Should I Update?
You should be sure to update your power of attorney. A power of attorney allows a loved one to make important legal and financial decisions on your behalf. You should also update your will. You will have to determine what assets to leave your spouse. Additionally, you may have named your spouse as the executor of your will. Another important document to update is your healthcare proxy. Failing to do so can leave your ex in charge of important decisions regarding your healthcare. There are a number of other documents that may need to be updated, so you should be sure to look over the plans with the help of an attorney.
How Often Should I Update My Estate Plan?
It is incredibly important to update your estate plan when you are getting divorced. This is because failing to do so can leave your ex-spouse with a large amount of power. For example, if your spouse is your durable power of attorney, they have access to all your accounts and assets. This should be revoked immediately. Additionally, it is important to look over your estate plan again once your divorce has been finalized. This will ensure that there are no loose ends. But, a divorce is not the only time to update your estate plan. As your life changes, your estate plan should change too. For example, you should update your plans in the event of re-marriage, the birth/adoption of a child, the death of a loved one included in the estate plan, and more. A good rule of thumb is to update your plans every 3-5 years with the help of an attorney.
If you are getting divorced, be sure to reach out to an experienced estate planning attorney. We understand that estate planning can feel overwhelming, especially when you are going through a difficult process like a divorce. We are here to advocate for you and walk you through the process every step of the way.
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.