Divorce in itself can be a tumultuous time, so it’s understandable that for many newly divorced people, revising their estate plan can be overlooked. However, it’s absolutely critical that you do so, for multiple reasons.
- Your ex-spouse may be able to inherit assets
Your ex-spouse is most likely your main beneficiary on legal documents. This includes your will; they’re most likely named as the administrator. After your divorce, you may not want your ex-spouse to distribute your assets or inherit any. You’ll want to revoke your will and execute a new one that aligns with your new plan.
- If you have children, your ex-spouse will automatically have custody.
This is especially important if you currently have full custody. You’ll want to write the reasons why your ex-spouse shouldn’t have custody if you die, and attach the statement to your will for a judge to consider.
- Financial power of attorney and health care documents
In the event that you can’t make financial or medical decisions for yourself, your ex-spouse is most likely appointed as the advocate to make those decisions on your behalf. You’ll want to designate someone else after your divorce. This will not only ensure that you are protected, but your family as well, as a financial power of attorney can have broad powers, such as removing funds from your accounts or selling property.
- Take into consideration if your parents or family may have also designated your ex-spouse as any beneficiaries.
They will also want to update their estate plans should they no longer wish your ex-spouse to be the advocate for any of their legal needs.
You’ll want to work with an experienced Sacramento estate planning attorney to get everything in order after your divorce. There are many legal documents that you may not have considered, so it’s best to consult an attorney about what needs to be done.
Contact Yee Law Group if you’d like to begin your estate planning process, either by filling out a quick form, or calling our office at 916-927-9001 for a free consultation.
