Estate planning when getting divorced

On Behalf of | Mar 10, 2019 | divorce | 0 comments

If you are like most people who get divorced in Tennessee, you will experience a wide variety of emotions as you work through the many decisions and changes to come. Sometimes, there are so many things to focus on that you only have the energy for the ones that seem the most urgent or important to your future. However, it is important to think about what really is in that important category.

According to Forbes, giving some attention to your estate plan during your divorce is one of the important things that should be on your list. If you and your spouse had made wills or a trust, certainly you will want to revise those. One big reason for this is that your assets are likely to change after your property division agreement is finalized. Also, if you named your spouse as the executor or beneficiary, you may likely wish to revise that as well.

In addition to these documents, you should give thought to who you would like to take control of your health care decisions or financial matters should you become ill or injured and unable to do this for yourself. An advance directive and a durable power of attorney will help ensure the right people are able to help you in these situations.

If you would like to learn more about the importance of reviewing, updating or creating an estate plan when you get divorced, please feel free to visit the estate planning for newly single persons page of our Tennessee divorce website.