Divorce comes with serious implications not only for you but also for your finances and your loved ones’ future. If you created an estate plan while married, it is in your best interest to review and update it as soon as your divorce is final.
Here are important updates you need to make on your estate plan following the dissolution of your marriage:
Chances are you named your ex as one of your beneficiaries. With the end of the marriage, your feelings about this may change. If so, then it’s time to redistribute your assets to your other heirs.
If you do not want your ex to inherit your estate, then there is a pretty good chance you do not want them to be in charge of it, either. If you named your spouse as your executor, then you need to strip them of this role. While New York’s Consolidated Laws automatically revoke the appointment of an ex-spouse from the role of the executor or a trustee, that still leaves you with a gap in your estate plans until you appoint someone new.
Your powers of attorney
A power of attorney gives someone else the authority to make certain decisions on your behalf should you be incapacitated. A financial power of attorney allows someone else to make decisions like selling your assets or making and receiving payments. A health care power of attorney, on the other hand, lets you appoint someone you have confidence in to make medical decisions for you if you can’t make them for yourself. In both instances, you want someone you can trust, and your ex-spouse may not fit that bill.
An estate plan comes with several benefits. Find out how you can update your estate plan after the dissolution of your marriage.