Financial Divorce Planning Tips

Five Reasons to Update Your Estate Plan During Divorce

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There are so many things to think about and take care of during a divorce; some more important and urgent than others. Updating your estate plan should be considered a priority. The professionals working with you can assist you or refer you to someone else who specializes in estate planning.

The primary points to consider are:

1) A new Power of Attorney for Health Care naming someone other than your spouse will prevent your spouse from making health care decisions for you during your divorce.

2) A new Power of Attorney for Property naming someone other than your spouse will prevent the possibility that your spouse makes decisions regarding your assets that you clearly would not make.

3) A new Will can prevent your spouse from benefiting from your estate if you die during the divorce proceedings. After you are divorced your spouse is presumed to have predeceased you.

4) A new Trust or an amendment thereto can ensure that someone other than your spouse will control the assets you leave to your children upon your death.

5) Insurance beneficiaries must be changed. If your spouse or ex-spouse is still the named beneficiary he or she will receive the insurance proceeds regardless of marital status.

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Guest Friday, 22 September 2017
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