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Changing an estate plan during divorce

On Behalf of | Jun 26, 2018 | Divorce

When people in Kentucky decide to divorce, they can face a number of practical, emotional and financial challenges. There are many changes a person must make in his or her life after the end of a marriage, and these changes can be overwhelming at times. At the same time, these changes can be particularly important for protecting a person’s assets and future, especially those related to estate planning. There are some estate plan changes that will need to wait for the divorce to be finalized, but there are other ones that people can make immediately to protect themselves even while the divorce is pending.

Some of the most important changes that people can make to their estate plans while the divorce is in the pending stage include changing their powers of attorney and health care proxies. These documents allow another individual to make critical medical care and financial decisions in case the creator of the documents is incapacitated. While these documents can provide peace of mind to many, most people will quickly want to name someone other than their soon-to-be ex-spouse to make these decisions. These documents can be updated at any time, and this can be important if tragedy strikes while the divorce is not yet final.

In addition, people can take action to change their wills, even during the divorce. While someone may be unable to fully disinherit a spouse until after the divorce is final, he or she can make interim changes that can help protect him or her in the meantime. After the divorce is over, it can be particularly urgent for a person to update life insurance, pension, retirement fund and other beneficiaries.

Estate planning is one more factor that should be considered during a divorce. A family law attorney can help people going through a divorce consider the range of financial implications of the end of the marriage and lay out clear plans for the future.