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What to do with your estate plan when facing a divorce

On Behalf of | Jun 5, 2020 | Divorce, Estate Planning

As a divorcing spouse, you likely have a lot on your mind. You may be thinking heavily about the division of your assets or the fate of your children. One area of change that may be slipping your mind is that of your wills, guardianship and vital legal documents like powers of attorney; your estate plan will likely need quite the overhaul and you will benefit from starting sooner rather than later.

As you approach your plan revisions, consider the following moves:

  • Make changes to your powers of attorney. You probably no longer want your ex-spouse to make financial decisions for you in the event that you become incapacitated or otherwise unable to do make the decisions yourself.
  • Get to know Virginia state law regarding estate plans.
  • Update or draft a new health care proxy if you have one. As with your finances, if you have your ex-spouse listed as the agent for making important health care decisions, you may want to make a change.
  • Virginia allows for updates to your will. Do this as soon as possible and, if you wish, appoint trusted loved ones to inherit your properties and assets.
  • Take another look at all your estate plan documents once the dust of the divorce settles. Ensuring that your beneficiary designations and other important matters are taken care of may help prevent headaches and even lawsuits for your loved ones in the future.

Every divorce is different and calls for the unique demands of those involved. You may be unsure of what steps to take in order to update your estate plan as needed. Your attorney will help you review these documents and update them accordingly.