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Estate planning needs during a divorce

When getting divorced, many Indiana residents get so focused on the mechanics of the divorce process and the obvious everyday life changes that must be tended to that they can easily overlook some of the other things that require their attention. According to Fidelity Investments, a divorce is one of the many life changes that necessitates an update to a person's estate plan. 

There are few people who would actually want their former spouse to have control over their estate or to be the primary beneficiary of their estate after they die. Even the divorce of an adult child might warrant a change to an estate plan to ensure that a former son-in-law or daughter-in-law does not inherit something intended for the person's adult child.

As explained by Forbes, one thing that is important is for people to learn what elements of their estate plan they can make changes to while still in the process of finalizing their divorce. Some things might have to wait to be updated until a divorce decree has been finalized. The contents of any prenuptial agreement may also come into play when deciding what can be changed and when.

Even when separated, a person may well be able to update their power of attorney that gives authority to manage their financial affairs to a third party. The same is true of their medical power of attorney that allows another person to make health care decisions if they are not able to do so for themselves, such as after an unforeseen accident.

 

 

 

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Robert Schembs
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Indianapolis, IN 46204

Phone: 317-643-6266
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