How Your Estate Plan Changes When Your Marriage Ends
The end of a marriage can be a difficult time for you. In addition to processing your emotions, it may be necessary to accept the financial realities of a divorce. Furthermore, it will generally be necessary to change your estate plan to reflect your new relationship status.
Review Your Beneficiary Selections
Your former spouse is likely a beneficiary to some or all of your assets. If assets were to be transferred by a will, change its terms to include a new beneficiary or to put them in a trust. If they were to be transferred by a beneficiary designation, change or revoke the designation. It is important to note that beneficiary or other transfer on death (TOD) declarations will trump whatever is in a will.
Revoke Powers of Attorney
It is not uncommon for a person to name their spouse as their financial or health care agent. However, if these powers are not revoked or amended after a divorce, that person could still make decisions for you in the event that you can’t make them on your own.
This could result in a former spouse having access to medical records or other information that could be used to harm you or otherwise cause problems in your life. In the event that you don’t have an adult child or friend to act as an alternate power of attorney, financial or legal professionals may act in that capacity.
You Choose How to Structure an Estate Plan
It is possible to create or amend estate plan documents on your own. However, if you need assistance, an estate planning attorney in Las Vegas may also offer assistance. Having a professional look over your plan may minimize the chances that a document is written or altered improperly. That may minimize legal challenges or other delays in implementing the plan after you pass.