After you create your estate plan, certain circumstances may warrant giving it a thorough review. A divorce is one such circumstance, and there are certain areas of your estate plan you may want to revisit when you split from your husband or wife.
When you divorce your spouse, consider giving the following components of your estate plan a fresh look.
Your will
After a divorce, you may have different feelings about who you want to inherit your money. To change your will, you may either create a new one or add something called a codicil, which is an amendment to your original will.
Your power of attorney
Many married individuals give their spouses power of attorney during their marriages. This allows their husbands or wives to make financial or other decisions on their behalf if necessary. After a divorce, you may not want your ex having potential access to your private affairs, in which case you may need to revisit your power of attorney.
Your health care power of attorney
If you gave your spouse power of attorney in the event that you need medical decisions made on your behalf, you may want someone else to have that power after a divorce. Reviewing your advance health care directives periodically is wise, regardless of whether you are going through a divorce. Doing so helps ensure that it still serves your needs and dictates your current wishes.
Updating your estate plan when you get a divorce does not have to be complex. However, it is an important and necessary step that comes with untangling your own life from that of your former partner.
