Amid the paperwork, legal negotiations and emotional strain of divorce, one crucial area often overlooked is estate planning. If you’re approaching divorce or have already decided to separate, it’s natural to wonder: Should you begin updating your estate plan right before your divorce?
The short answer is yes, but only with careful timing, legal guidance and awareness of what you’re legally permitted to change during the process.
What you can do before the divorce is final
While divorce proceedings can take time, you don’t need to wait until they’re over to start making changes. In fact, acting early can protect you if something unexpected happens during the process. However, you must tread carefully: legal restrictions exist on what you can change during divorce.
You can revise your will to name new beneficiaries and remove your spouse. Similarly, you can update or revoke certain types of trusts, especially those not jointly owned.
Additionally, you can reassign your financial and medical powers of attorney if your spouse currently holds these roles. If you become incapacitated during divorce proceedings, having your soon-to-be-ex in control may not be ideal.
You might also want to think about appointing someone you trust to make healthcare decisions for you, especially if your current directive names your spouse.
Furthermore, if you have minor children, you can express your wishes for guardianship in the event of your death. While courts make final decisions, your preferences will be considered.
Updating your estate plan as you prepare for divorce is not only wise, it’s essential for safeguarding your future and aligning legal documents with your new reality. While some updates must wait until the divorce is finalized, many can and should be addressed immediately. You are better off enlisting insightful legal guidance to navigate legal restrictions and help ensure your estate plan reflects your current wishes.