After getting divorced from your spouse, it's immensely important that you start working with an estate planning attorney to design your new plan. We would like to explain to you why.
As you probably figure out, we hope not the hard way, is that divorce isn't like breaking up with a high school sweetheart. You don't wish the person well, then walk away.There are a lot of legalities involved, and an estate planning after the divorce is finalized is something that we recommend. You need to know how to continue with yours after the dissolution of marriage.
Proper estate planning allows you to look out for your financial future, especially if you have children. No wondering what happens to your money and property after the divorce. Most states have laws that prevent exes from inheriting all that you own after your demise. An updated estate plan will protect all your hard work.
Are you getting divorced from your spouse? It's important that you start planning a new estate as soon as your divorce is finalized.
1. Estate Planning After a Divorce Means Updating Your Power of Attorney Documents
The divorce process doesn't make you exempt from illness or death. If you were to fall sick, get injured, or become totally incapacitated, your soon-to-be-ex could, unfortunately, be the one making decisions in your behalf.
They may have complete authority over all your legal, medical, and financial decisions. Update your Power of Attorney documents, giving someone you trust immediate power, may make sense for you to do. You should make sure you have a durable financial Power of Attorney and a medical Power of Attorney.
The durable Power of Attorney protects your finances. It gives someone you trust authority to make financial decisions if you can't. If you're medically incapacitated, a medical Power of Attorney works the same way. Your appointed person of trust makes healthcare decisions when you can't.
2. Beneficiary Designations
Most people fill out will and trusts after they get married and have children. They designate all their assets to their spouses and children in the event of their death.
After your divorce is finalized, and all your assets have been discussed, you should work with an attorney to change your beneficiary designations or redo some of your documents. Remember to check the instruments below:
3. Make a New Will or Create a New Living Trust
Make sure all language designating any benefits to your ex has been properly updated. You may also want to consider a new executor, as most times it's the spouse. Make someone else you trust the executor.
If you live in a community-property state, expect some challenges. Laws in these states forbid leaving a surviving spouse with nothing. Expect to have a certain percentage of your assets allocated to your ex in the divorce.
Take Care of Your Future
No one get married to get divorces, but sometimes it happens. Proper estate planning before and after the divorce helps you protect what you've worked hard to acquire. Always talk to an attorney to understand what are the special circumstances and the best plan for you and your family.
Citadel Law Firm, PLLC will be pleased to help. Call us at (480)565-8020 to schedule your free consultation, or click here to schedule it online. our Chandler Divorce Attorney in Arizona, as well as our Estate Planning Attorney in Chandler, AZ will be pleased to help you either with you family law needs or estate planning needs.