As someone currently going through a Tennessee divorce, you may be experiencing significant changes in your life, and these changes might include finding a new home or adjusting to a new custody arrangement, among others. Figuring out how to move forward with your life after divorce takes considerable time and attention. However, there are also important estate planning implications involved in splitting from your spouse, and taking care of such matters sooner rather than later may help you avoid unnecessary trouble down the line.
So, what types of estate planning-related matters might you need to address amid a divorce?
Updating your will
Frequently, the parties within a married couple name one another as beneficiaries in their wills, but this may need to change once you and your one-time spouse decide to move forward with life on your own. Furthermore, if you named your spouse as the executor over your will, which is also a common practice, you may find it advantageous to give the responsibility to someone else as you navigate your way through your divorce.
Make changes to your health care directives
If you were like most married people, you probably gave your spouse the ability to make health care-related decisions on your behalf in the event you become unable to do so. Once you split, however, you may not want your former spouse to have the power to make medical decisions for you, so you may want to update your health care directives to reflect this.
Update trusts, if applicable
Depending on the type of trust you have, you may want to amend it following divorce. If you have an irrevocable trust, there is not much you can do, but if you have a revocable trust and the assets within it are set to go to your former spouse, you may need to make some changes.
While these are some of the key areas of your estate plan you may want to address during a divorce, please note that this is not a comprehensive summary of all areas that may warrant your attention.