Law Offices of Anthony R. Scifo – Divorce and Estate Planning – Call 847-628-8311
Going through the process of divorce is often financially and emotionally stressful. Understand how divorce can affect your estate planning documentation by consulting with an experienced lawyer at our offices.
When a divorce proceeding is ongoing, your (soon-to-be) spouse still has rights. In the event you suffer incapacitation or die before your divorce finalizes, you’ll want to keep as much control as you can.
A few important Divorce and Estate Planning steps you can take:
-Keep healthcare proxy current. Have you decided who will make decisions for you in the event you’re in a major accident? It’s likely that your spouse is still the person who will make the decisions. If you are in the middle of getting a divorce, you might want to change this.
-Update your power of attorney. You and your ex-spouse may have established powers of attorney. If it’s a durable power of attorney, it provides your spouse with access to your assets and accounts. This may be cause for concern if your divorce isn’t an amicable one. Consider revoking the power of attorney and establishing a new one.
-Updates to your will. Does your will name your spouse as the executor of your estate? Talk with your lawyer about removing your spouse as executor and updating the terms of your will.
-Review your prenuptial agreement. If you signed a prenuptial agreement, your divorce lawyer probably reviewed it with you during your divorce. Be sure you carefully read the document to understand what assets your spouse would be entitled to if you die. Your new, updated estate plan should remain consistent with all the terms of a prenuptial agreement.
If you’re planning to divorce your spouse, talk with our law firm about how it can impact your estate plan. We can review your plan and recommend changes that will protect your interests.