The last thing you may want to consider during or after a divorce is estate preparation, but it might be one of the most crucial things to consider as you put your life back together and move on. In reality, even if you intend to give any of your assets or possessions to your separated partner, you still need to revise your estate plan. You may even need to start over from the beginning to ensure that it represents your current relationship status.
An Update Will Be Part Of Your Estate Plan
You most likely meant to give your spouse the majority of your estate when you wrote your will because you were likely still blissfully married then. Changing your will’s executor is crucial now that you are separated and eliminating your ex-spouse. Even though your ex-spouse may still be included if you separated amicably, this personal choice deserves careful consideration.
Your Current Guardianship Desires Should Be Included In Your Upgraded Estate Plan
If you share children with your ex-spouse, you might also want to update who will be responsible for looking after your kids if one of you suddenly passes away. According to North Carolina state law, if the adult with main possession passes away, the other parent will frequently inherit guardianship.
Your updated estate plan, however, must reflect the facts if your ex-spouse failed to pay child support, split possession, or otherwise behave in a way that would make them unsuitable guardians.
Your Healthcare Proxy Should Be Named In Your Updated Estate Plan
We have all seen films or television programs where a character is hurt, and their ex-spouse is summoned to the hospital to make choices on their behalf. The injured individual strangely awakens and wonders why their ex is there just in time for medical intervention, only to learn that their medical records were never updated.
Your ex-spouse is probably the last person you want to see at the hospital if you just got divorced, and he or she is not the person you want to make medical choices for you if you become disabled.
Power of Attorney Should Be Reassigned In Your Revised Estate Plan
We have discussed issues of the heart regarding revising your estate plan. Still, even more crucially, you should update your estate plan because it contains a lot of financial information you might no longer want your ex-spouse to access.
As a result, as you update your succession plan, transfer power of attorney to a different dependable friend or relative who will manage your financial assets and duties if you cannot. Contact a real estate attorney Monroe, NC to get help.
