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Post-divorce estate plan changes are about more than money

On Behalf of | May 12, 2022 | Divorce Financial Planning |

Your estate plan sometimes needs to be updated to reflect your current circumstances, and divorce means big changes. That likely means updating your will and other estate planning documents.

Estate planning is commonly perceived as being only about finances. While this is a large part of the process, there is so much more to it. Updating your estate plan post-divorce is about more than money, and here’s why.

Your health care needs

Throughout your marriage, you may have named your former spouse in your health care proxy. This means that if something were to happen to you, they could make medical decisions on your behalf. Now that you’re no longer together and are not going to be as involved personally, you might want to think about other options. Who do you trust to make medical decisions in your best interests if you are unable to communicate them yourself?

Looking after your children

If something were to happen to you, it is likely that your former spouse would take care of the children. However, if your marriage ended due to domestic violence or substance abuse, you would have concerns over this prospect. If you have legitimate concerns about your former spouse’s parental capabilities, then these should be raised with the family court. You should also adjust your estate plan accordingly and name a legal guardian whom you trust to give your child the best possible upbringing.

Divorce can bring a significant change in circumstances, and your estate plan should reflect your current situation. If you’re unsure about what to do, it may benefit you to seek experienced legal guidance.