Numerous marriages end in divorce every year. When going through the dissolution process, there is a lot on one’s plate. Thinking about estate planning is probably the last thing on anyone’s mind at such a time. While it may not seem high on the priority list, there are some estate planning modifications New Jersey residents may want to consider making during the divorce process or shortly after their divorces are finalized.
A recently published article talked about several estate planning musts a person should consider when getting a divorce. One of these musts is to update one’s health care power of attorney. Not many people are likely to want an ex making decisions about what medical care they should receive. Another is to change the financial power of attorney. Here again, not too many people are probably keen on having an ex maintain access to their financial accounts.
Along with addressing POAs, one may want to amend his or her will or trust documents. Some people may wish to leave assets to a former spouse, but others will likely want to change things up and leave assets to other loved ones. It is a very personal decision.
There are certain estate planning matters that can be addressed during the divorce process and others that can only be handled with the dissolution process has been officially finalized. Legal counsel can give guidance on what issues can be handled now and what may need to be put off until a later date. The key thing for New Jersey residents who are going through the divorce process is to simply remember to make the changes and to do it sooner rather than later.