Divorce is an emotionally taxing event that often leaves drastic life changes in its wake. You may need to settle in a new home, adopt a new lifestyle, create a new schedule for the kids and focus on the future. However, you must never forget to update important personal documents like your estate plan amidst all of your other responsibilities.
Failing to update your estate plan following a divorce can expose you to the possibility that you may not see your wishes carried out as you’d hoped should you become incapacitated or pass on. Here are important estate planning documents that you need to update as soon as you get divorced.
A will is an estate planning document that outlines how you want your estate distributed upon your demise. While it is not unheard of to keep an ex-spouse as the primary beneficiary of your will, most people choose not to do this. While you can certainly amend your original will, you might want to draft an entirely new one with new executors and updated beneficiaries.
Your end-of-life plan
An end-of-life plan is another important estate planning document that outlines what you’d like to happen with your remains. It includes your wishes regarding your funeral or memorial service, death notice and more. You should update the instructions on this document to reflect your current situation. This way, you can appoint someone other than your ex-spouse to oversee your end-of-life wishes.
Your power of attorney
A power of attorney allows you to appoint an agent, such as a loved one, to make financial decisions on your behalf should you become incapacitated, either in the short or long term. If you once gave your ex power of attorney privileges, then you might want to consider revoking this privilege.
Divorce can be an emotionally trying process. However, you must find time to update your personal records to reflect your current situation. Updating your estate plan after divorce gives you peace of mind knowing that your assets and wishes will be protected and handled according to your wishes.