People who get divorced experience a significant magnitude of change in every part of their lives. Florida residents in this situation understandably focus on the needs of their immediate and everyday lives, such as where they will live and when they will be with their kids. However, they can benefit greatly by also keeping an eye on their future needs at the same time. A person’s estate plan should be reviewed and updated at appropriate points during and after a divorce has been finalized.
At the Warnock Law Group, we work with clients to manage their estate planning needs at every step of the way through a divorce. Most people with an advanced health care directive and a durable power of attorney in place name their spouses as the people with the power to make medical decisions and manage finances for them via these documents.
Forbes recommends that these documents be updated as soon as possible during a divorce so that an estranged or former spouse does not end up with power over essential portions of a person’s life. When it comes to a trust or a will, changes generally must wait until the divorce decree has been finalized. Only after an agreement has been approved will a person know what assets they will still have to include in their updated estate plan.
If you would like to learn more about how you can or should protect yourself and your future before, during and after your divorce, please feel free to visit the divorcing person’s asset and heirs planning page of our Florida estate planning website.