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Revisiting your estate plan amid divorce

On Behalf of | Jun 18, 2022 | Estate Planning |

When you and your New York husband or wife make the decision to part ways, your initial concerns might include figuring out child custody or spousal maintenance arrangements and how to divide your assets and debts. Yet, you would be remiss to not also consider your existing estate plan and the ways in which you might need to change it once you are no longer in a marriage.

Per Money, there are some parts of your estate plan that you may not be able to change until after your divorce becomes final. However, once you sign the divorce decree, try not to let too much time pass before taking another look at your plan. When doing so, you may want to pay particular attention to the following areas.

Your beneficiary designations

You might need to make some changes to your beneficiary designations if you do not want everything going to your ex-spouse in the event of a tragedy. Consider revisiting your will, life insurance policies, retirement accounts and similar areas and replacing your former partner where possible and appropriate.

Your powers of attorney

You may have given your one-time husband or wife power of attorney over your financial or medical affairs. However, you likely do not want your former partner holding this power after a split. When it comes to powers of attorney, you can change the designee even before your divorce becomes final.

While it is important to revisit your beneficiary designations and powers of attorney when you split from your husband or wife, other elements in your estate plan may also warrant a review during or after a divorce.