A divorce forces you to chart a new course. Along with the immediate ramifications of dividing finances, debt, property and time with children, you may want to consider what may happen with your estate.
Now that you are no longer married, you should update your estate plan. Absent a revision, your ex may inherit when you die. Find out the changes you should consider making as soon as your marriage ends.
Designate a personal representative
When married, your spouse likely had you as the personal representative and vice versa. After divorce, you will want to take action to fix that. The personal representative or executor is responsible for following your final wishes and taking the will through probate. Thus, you want to choose someone other than your former spouse in most cases.
Choose a new power of attorney
Part of a comprehensive estate plan is a power of attorney document. These give decision-making abilities to another person in the event you are unable to. A medical power of attorney charges someone else with making life or death decisions should you become incapacitated. A financial power of attorney allows another full access to your accounts, property and debts if you cannot tend to them.
Update your heirs
In your original estate plan, your spouse likely inherited should you die first. If you die with your estate plan in that state, your ex will still inherit. Unless this is something you want to happen, changing your beneficiaries and heirs is crucial to keeping your estate within your control.
Unless you and your ex divorce on favorable terms, it is likely that you prefer he or she not inherit upon your death. Take action and create an estate plan that reflects your new life