4 Legal Documents To Amend After Your Divorce in Portland, Oregon
If you’ve gone through a divorce or you are getting ready to file, it’s important to talk to your attorney about the impact it will have on your current estate plan.
It may surprise you to know that even if you get a divorce, your ex may still inherit your money and control your affairs if you don’t physically amend your documents.
Obviously you wouldn’t want your ex-spouse to be the executor of your will or beneficiary of your accounts. However, if that’s what your will or beneficiary designations direct, that’s what may legally happen.
If you have children, this is especially important to avoid your money going to a future step-parent.
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Remember, if your ex becomes the beneficiary of your estate, your money could then pass to the new spouse—and not your children!—when your ex passes away.
Examples like this are clear reasons why you must talk to your lawyer about updating your estate planning documents, even as the ink is drying on your divorce decree. Here are 4 key documents to consider:
1. Your last Will and Testament – You probably don’t want your ex-spouse to be in charge of your affairs if you die.
That’s why it’s a good idea to name a new executor and rethink who your beneficiaries should be. If you have any trusts set up, you’ll want to amend them too.
2. Power of Attorney – A power of attorney gives someone significant authority to manage your affairs and make decisions if you are unable to speak for yourself.
Many people would shudder at the thought of their ex having control over their bills, living expenses and bank accounts. The power of attorney gives the named party significant financial power, and it’s wise to revoke that as soon as possible.
3. Healthcare Directives – These name the party who you have designated to make medical decisions on your behalf should you become unable to do so yourself.
To avoid your ex spouse making life-or-death decisions for you, it’s wise to update your living will, HIPAA authorizations and health care directives, too.
4. Beneficiary Designations – A beneficiary is the person who receives all or some of the money from your insurance policies, bank accounts or investment accounts after your death. It’s easy to forget about these things, but if you don’t update them after the divorce, your money will legally belong to your former spouse.
As you can see, it’s very important to get your ducks in a row after a divorce. To ensure that your legal documents are properly amended, meet with your local estate planning lawyer as soon as possible.
We’re happy to help you get started with the process, so please feel free to call Contact Us for more help.
If you want to get started on your estate plan, read about our estate planning services and schedule an appointment.
To your family's health + happiness.
~Candice N. Aiston
P.S. Want to get started slowly but surely, naming guardians for your kids? Check out our Guardian Plan kit.
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Candice N. Aiston is an Legal Planning Attorney for Estates + Businesses in the Portland, Oregon area. She helps people to prepare for a lifetime of security, prosperity, and guidance. If you would like to receive her free reports, please visit http://aistonlaw.com/ to sign up. Follow her Facebook page for daily planning tips: https://www.facebook.com/aistonlaw/.