Once a person becomes legally separated from a spouse, the focus may be on
retaining a divorce attorney. Did you know that it can also be important to locate a
qualified estate planning attorney as soon as possible? Let us discuss the legal risks
your estate plan faces, during the time of marital separation.
While your divorce is pending, your soon to be ex-spouse will still legally be your
spouse and thus, likely to remain the beneficiary via your estate planning
documents, or, if you pass away without a will, be deemed your legal next of kin. It
can be imperative, therefore, to meet with an estate planning attorney, as soon as
you become separated, to update these legal documents and protect your estate.
Separation can also be a good time to update legal tools such as your health care
surrogate and/or durable power of attorney. It may be good to designate a family
member or close friend to serve as your power of attorney, if your soon to be ex-
spouse is who you have designated. Otherwise, your soon to be ex-spouse may be
able to make financial decisions on your behalf, while the divorce is pending. In
addition, should you become mentally incapacitated, your ex-spouse may be the
one making medical and/or financial decisions on your behalf.
As soon as you separate, it may also be a good time to update accounts in your
name with new user IDs and passwords to prevent any unauthorized transfers or
changes. You may also want to update email passwords that your soon to be ex-
spouse may be in possession of, as you move toward divorce proceedings to assure
confidentiality, regarding the decisions you are making. You may also need to
update the named beneficiary on your retirement accounts, insurance policies and
bank accounts. You may, however, need to wait until after the divorce is finalized to
update beneficiaries.
The necessity of updating your estate plan, during an already trying time, may be
complicated and overwhelming when dealing with many new unknowns. Our office
can provide guidance on all of these changes, giving you the peace of mind that
your estate may be safeguarded. Please contact us today to schedule an
appointment.
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