If you are in the process of obtaining a divorce, you are probably focused on getting on with your life. However, you also need to spend some time thinking about the important documents governing your death.
It is important to update all of your estate planning documents during or after your divorce. These documents include: your trust, will, and powers of attorney.
Most estate plans list an individual’s spouse in decision-making positions (trustee/personal representative/power of attorney), but also as the individual receiving most, if not all, of the assets. Upon the finalization of a divorce, you want to ensure that your ex-spouse is not making any decisions on your behalf, or receiving any of your valued assets. If left unchanged, you risk your children (or other individuals that you wish to receive your assets), having to fight it out with your ex-spouse in court.
Additionally, you will need to update your healthcare directive. You want to make sure that you have an individual you trust, in the position to make important life-sustaining treatment decisions. Furthermore, you will need to update your power of attorney, so that your ex-spouse cannot make any decisions that affect your finances.
The attorneys at Serafini, Michalowski, Derkacz & Associates, P.C., can sit down with you and discuss these important changes to your estate plan, and provide advice regarding choosing new fiduciaries and beneficiaries.