Divorce can be a tumultuous undertaking. From untangling emotions and assets to working out a parenting plan and discussing alimony and child support, divorce comes with a list of things to do.
While navigating the complexities of divorce, however, it is important that you do not overlook other aspects of life such as your estate plan. Here are three estate planning modifications you need to take as soon as your divorce is finalized:
Revoking your will and creating a new one
Divorce marks a new beginning for everyone involved. If you included your ex-spouse in your will, and you are no longer interested in having them as a beneficiary, then you need to remove them from your will.
Updating guardian provisions
A will isn’t just about distributing your assets. If you have a minor child, it is important to designate a guardian for them in your will. As soon as your divorce is final, be sure to revisit the guardianship provisions in your will to conform to your desired parenting plan should you die before your child reaches adulthood.
Modifying your powers of attorney
Most people grant healthcare power of attorney to their spouses. If you had these documents in place with your your ex-spouse the prior to your divorce, then updating these documents is imperative.
Safeguarding your legacy
Divorce is extremely stressful and there are so many things you need to take care of such as coming up with a parenting plan and dividing marital property. Amidst these critical decisions, however, do not forget to update your estate plan.
