The 3 Adjustments You Must Make To Your Estate Plan After A Divorce

You must adjust and update your estate plan after any significant life changes occur. Just as you might assume, this includes divorce.

Right after a divorce, it is of the utmost importance that you adjust your estate. By going over the three adjustments you must make to your estate plan after a divorce, and speaking with a lawyer, you can protect your estate.

What Are The 3 Adjustments You Must Make To Your Estate Plan After A Divorce? 

Adjustment 01: Changing The Distribution Of Your Assets 

Many people choose to give the bulk of their estate to their spouse. But, after a divorce, this arrangement is no longer ideal, which means that you must adjust the ways the assets comprising your estate are set to be distributed.

Just as an example, if your estate plan says that you have chosen to give your home to your former spouse, you can adjust it so that your daughter will receive your home. This way, someone else will get one of your possessions.

Outside of the example outlined above, this applies to any other asset. And, for this reason, if your estate plan includes provisions that involve your former spouse, then you should change the beneficiary to another loved one.

Adjustment 02: Modify Your Power Of Attorney 

Your power of attorney allows someone that you trust to make healthcare decisions for you. This means that, if you are injured and cannot make decisions regarding your medical care, someone you trust will do it for you.

Your former spouse may still be the right person to make choices on your behalf. But, if they aren’t, then you must modify your power of attorney and, in doing so, select someone you trust to make decisions on your behalf.

Outside of what has been clarified, there is one more thing to mention: a power of attorney can also be for financial matters, among others. Regardless of what your power of attorney is for, it’s worth adjusting it after a divorce.

Adjustment 03: Name A New Executor 

To ensure that the wishes outlined within your will are satisfied, you must name an executor. By doing so, the wishes you have clarified, within your will, can be satisfied.

Right now, your executor may, in fact, be your former spouse. This can work, but it may not be what you want. And, if so, you will need to name a new executor.

You can name a new executor by thinking about who you trust. And, when you select someone you trust, you can talk to them. If they agree to be the executor of your will, then you should appoint them as your new executor. 

Speak With A Florida Estate Planning Lawyer Today 

If you just finished a divorce, and would like to adjust your estate plan, then you need legal help. Speak with a Florida estate planning lawyer at Millhorn Elder Law Planning Group today and we will help you make the necessary adjustments to your estate plan. 

Source:

law.cornell.edu/wex/power_of_attorney

law.cornell.edu/wex/executor