Divorce is sometimes a complex process, especially if you have a substantial estate and a long-term marriage.
One crucial part of the divorce process is updating your estate plan to reflect your new wishes accurately. Consider these documents that may need reflection.
Will or trust
Listing your spouse as the beneficiary or executor of your estate is common. However, once you decide to dissolve the marriage, you will need to name a new executor. Should you decide to remarry later on, you would likely want to update your will again.
If you have a living trust, you can make changes to ensure your ex spouse cannot access it or any of your assets after you pass.
Powers of attorney
People commonly name powers of attorney to make financial or medical decisions for them in the event that they become incapacitated and cannot make those decisions themselves.
Beneficiaries
You can designate beneficiaries for specific assets as part of your estate plan. If you listed your former spouse as a beneficiary for any property you will maintain after the divorce, you would need to remove their name and designate a new beneficiary for those assets.
Health care proxy
A health care proxy specifically refers to someone who makes the medical decisions for you if something hinders you from making decisions for yourself. Failure to update that document would mean your ex could still act as your health care proxy long after the divorce.
If you have an extensive estate, you would benefit from having an expert evaluate the plan.