What is the Impact of Divorce on an Estate Plan?

What is the Impact of Divorce on an Estate Plan?

A Divorce can be stressful and put mental strain on you and your family members. Unfortunately, Estate Planning or updating your Estate Plan is generally not top of mind when you are going through a divorce which can impact your future. Your children, custody issues and the division of your assets and liabilities often take priority through this process.

Impacts of Divorce on an Estate Plan

But, what happens if your spouse has been given authority over your medical or financial situation? Divorce will not change your existing estate plan. If you have an estate plan and you are divorced or going to divorce, Estate Planning and Elder Law Attorney Mindy Felinton says, “Those documents need to be updated ASAP!”.

What Can Happen Without Updates to your Estate Plan

As an example, if you have named your ex-husband or soon to be ex-husband as your agent under your Financial Power of Attorney, he is the one who can go to the bank and make many potential changes. You will also need to do updates to your Advance Health Care Directive, assuming you do not want your ex-spouse making some potential life and death decisions.

Contact an Estate Planning Attorney

Mindy understands that this can be overwhelming, but you do not have to go through it alone! Mindy Felinton has over 30 years of experience as an Estate Planning & Elder Law Attorney. Give Mindy’s team a call and Mindy will work with you to develop a solution that is customized to your needs and situation.

Contact her firm by calling her office in Maryland at (301) 610-0055 or her office in Florida at (561) 290-2179.