Getting divorced can take a lot of time and energy, but you may have some more work to do once all the papers are filed and agreements are signed. This is because you may also need to seriously think about your estate plan. You may need to change your beneficiaries or adjust who gets certain powers. If you have questions about your plan and what may need to be edited, a Fayetteville, Arkansas estate planning lawyer from our firm can help you make the proper adjustments.
Why Do I Need to Change My Estate Plan After Divorce?
It is usually a good idea to change your estate plan after divorce because most people give their spouses a large role to play and certain powers over their property, assets, and even healthcare decisions. Even if you remain on good terms with your former spouse after a divorce, it is probably still going to be a wise idea to change your estate plan and some of its provisions.
Which Parts of My Will and Estate Plan Need to Be Changed?
Our attorneys can help you figure out exactly what you should change when it comes to your will and end-of-life plans, but these are usually good places to start.
Executor: The executor of your will or estate is someone that you can trust to follow your instructions and ensure that your wishes are met after you are gone. If your spouse was the executor of your will, they might no longer be the best candidate for this position after your divorce.
Financial power of attorney: This document gives someone the right to handle financial matters and decisions for you when you are incapacitated or otherwise unable to address these matters yourself. Power of attorney is often “durable,”, meaning that whoever you choose keeps this authority unless you change your estate plan.
Medical power of attorney: This allows someone to act as an agent on your behalf when healthcare decisions need to be made and you are unable to make them for yourself.
Beneficiaries: Your spouse may have been a primary beneficiary of your estate plan. You can change that now, picking an eldest child or another loved one who you would rather have the bulk of your estate go to.
How Can an Estate Planning Lawyer Help Me?
In addition to the matters we have already mentioned, like power of attorney, your estate planning lawyer can also assist you with other matters. Your attorney can assist you with:
- Trusts
- Guardianships
- Planning for a special needs family member
- Plans for business succession
If there is any part of your plan that needs updating, we are ready to help you.
Contact Our Law Firm Today
When you are ready to change your estate plan, schedule an appointment with our legal team. The Knapp Law Firm is there to help you when you want to update any aspect of your estate plan and ensure that everything is legally sound.
