Revisiting your Utah estate plan amid divorce

Revisiting your Utah estate plan amid divorce

On Behalf of | Feb 14, 2022 | Estate Planning |

Certain life events warrant taking a second look at your Utah estate plan, and splitting up from your spouse is one such instance. While you may feel more concerned with getting your emotions under control than you are completing estate planning paperwork, there are certain things you might want to do to set yourself up for a successful future without your former partner.

Per Money, you may want to review and update the following components of your estate plan amid divorce.

Your will

You may need to overhaul your will once you split from your spouse. You may wish to do so for several reasons. First, you may no longer want your ex to inherit some or all your assets when you die. Second, you may need to change who you appointed your minor child’s son or guardian if applicable if the party you named no longer makes sense.

Your powers of attorney

Many spouses give their husbands or wives power of attorney, giving them the ability to make financial and other decisions on their behalf. However, you may not want your ex retaining access to your bank accounts and other financial affairs after a breakup. The same holds true when it comes to health care directives. If you gave your ex decision-making power when it comes to your medical care, you may want to give someone else this responsibility moving forward.

While you may want to take another look at your will and your powers of attorney, you and your loved ones may also benefit from you reviewing other parts of your estate plan amid divorce.