It can take a long time to get your life back in order after the stress and trauma of a divorce. One of the things you will need to think about when the dust settles a little bit, is what changes you need to make to your estate plan.
Here are 3 steps you can take to get a jump on getting your estate plan back on track after a divorce.
- Contact a Trusts and Estates Attorney.
Going through a divorce can be an overwhelmingly devastating experience. Tthe last thing you need now is to make your financial affairs more complicated or worse off by making mistakes with your estate plan. That is why it is important that you seek the advice of competent, experienced trusts and estates counsel. You probably need an experienced attorney more now than you did when you were married, to help you update your estate plan or get one put in place if you do not already have one.
Estate planning, like divorce, is governed by state law and can get complicated very quickly. There are many things to be considered, and you will want the guidance and advice of experienced counsel to help make the process simple and easy for you.
- Revoke Your Old Will and Make a New One.
After a divorce, it is important that you revoke your old will (if you have one) and get an entirely new will in place. The reason why you need to do this is because some states have laws that say your prior last will is invalid if it gives part or all of your estate to your former spouse, but other states may still enforce your will. To know which laws apply to you, consult with experienced trusts and estates counsel.
- Make New Powers of Attorney.
A Power of Attorney is a legal document that gives someone the power to act for you in financial or health-related matters if you cannot act for yourself (i.e., you are incapacitated).
Chances are, when you were married, if you executed a Power of Attorney, you named your (now Ex) spouse as the person entitled to act for you. After a divorce, however, you are not going to want your Ex to be the one handling your money or telling the doctors whether or not to “pull the plug” on you.
This is why you need to execute new Powers of Attorney and other health care documents necessary to address your end-of-life wishes.
If you take just these 3 steps following a divorce, you will be well on your way to getting your estate planning and your life back on track.
Don’t Go it Alone!
We are here for you every step of the way. We offer free consultations. Our offices are located in beautiful Sedona, Arizona but we serve Verde Valley and all of Arizona. We can answer your questions and help you provide and plan for your loved ones. Call us at 928-282-1483 or contact us here.