Death and divorce: two topics that most people want to avoid discussing for as long as possible. However, if you are an individual with assets whose marriage is ending, then you will have the unfortunate but necessary task of addressing these topics at the same time. Usually, individuals will include their spouses in their asset planning; but when divorce happens, you may want to reconsider whether an ex-spouse receives any type of posthumous benefit from you. Below are a few aspects of estate planning that you may want or need to reconsider after a divorce.

Beneficiaries

Frequently, spouses list each other as the primary beneficiary of financial assets in the event of their death–assets such as 401(k) or IRA  retirement accounts and life insurance policies, for instance. Because these types of accounts tend to yield considerable financial benefit, designating the right beneficiary is important. Upon divorce, many people may change their beneficiary to their children or other close relatives.When divorcing, an individual needs to make changes to his or her beneficiaries that are consistent with their wishes. Further, those designations need to directly reflect the same designations listed in the divorce agreement or judgment issued by the court.   

Healthcare Proxy and Living Will

A healthcare proxy is a document that allows you to designate a specific person to make all major medical decisions for you, if you you are unable to do so. A living will, also known as an advance directive or healthcare directive, outlines any specific wishes that you may have regarding the type of medical care you receive in an emergency. After a divorce, you may not want your now ex-spouse making those type of important decisions regarding your life, so it is important to make the necessary changes to these documents.

Will

A will includes many designations that may need to be adjusted after a couple divorces. A will specifies who will receive your property after your death, and this information should always reflect your current wishes, particularly after a divorce. A, will also designates an executor for your estate and identifies a guardian for your children, if there are any. Because married couples commonly leave all property to their spouse,there are likely to be many changes to a will, post divorce.

Power of Attorney

If you become ill or unable to handle your own affairs, for any reason, a power of attorney is a legal document that designates a particular person to manage your affairs. Spouses often designate each other as the power of attorney in emergency situations. Thus, if you are divorcing and no longer want your ex-spouse handling your private matters in the event that you cannot, changing the power of attorney after a divorce is a good idea. Changing the power of attorney could simply mean designating a new individual to take over matters, or at the very least, revoking the existing power of attorney.

The end of a marriage requires changes in every area of your life, even in the plans you may have made for the end of your life.  Having a knowledgeable attorney at your side to assist you through this major life change is necessary. The experienced attorneys at the Fairell Firm will do guide you through the divorce process and advise you on all of the changes taking place, including changes to your estate planning. Serving clients in the metro Atlanta area, the Fairell Firm lawyers work tirelessly to achieve satisfactory outcomes for their clients. Call today at 678.973.2803 or contact us to schedule a consultation.