A divorce is a significant event in the lives of former spouses. The process can be challenging initially, but former partners can come through the other side and build a better future. If they have children together, they may even be able to remain amicable as co-parents.
One factor that is commonly overlooked is how divorce impacts estate planning. Wills, trusts and other estate planning instruments need to reflect your current circumstances. This means that after divorce, you need to think about taking another look at your estate plan.
What should your former spouse inherit?
If you have children with your spouse, you may not want your former spouse to have control of their inheritances should you pass away while they are young.
Your emphasis may now be on ensuring that your kids have security. You can adapt your will, trusts and other documents to reflect these wishes post-divorce, and that may include putting someone other than your ex in charge of what you leave your heirs.
Who should have your medical power of attorney?
Throughout your marriage, your spouse may have been the person you allocated to make medical decisions on your behalf if anything happened to you. Post-divorce, this is probably not ideal.
Think carefully about who you trust to make these decisions, and who can handle such a responsibility.
Divorce will change your life in many ways, including in terms of your estate plan. Addressing this both during and after the divorce will offer you security as well as peace of mind. If you are struggling with the nuances of estate planning, make sure you explore the various legal options at your disposal.