The great important of Post Divorce Estate Planning
The divorce process is stressful enough, when it is over it feels like you can finally breath again. However, don’t’ forget these critical steps! Through the next few months, we will be stressing the importance of planning for your family in this context. There are several critical steps that should be evaluated carefully by a lawyer after you have chosen to get divorce. These include:
· Establish a conservator for your children, or even better, a trust, in the event of your passing. Did you know that your spouse can end up back in control of your assets if something were to happen to you? We will explore this topic more in future posts, but this is a little-known, but serious danger.
· Updating your power of attorney, if necessary.
· Update your will and ensure that any other legal documents created do not
conflict with your prenup or post-nuptial agreement.
· Determine what to leave to your former spouse, if anything.
· Amend any trusts.
· Updating your health care proxy to remove the former spouse.
Both before and after your divorce is finalized, you should have clarity about who has legal power to make decisions on your behalf. If you leave things unchanged, an estranged spouse could be entitled to make critical decisions about your future. Talk to a lawyer to ensure your documents reflect your current life circumstances. Schedule your discussion today with your Michigan Estate Planning Attorney.