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Can I update my estate plan during a divorce?

On Behalf of | Jun 9, 2020 | Divorce

If you and your spouse in Alabama have decided to end your marriage, you must embark on the difficult process of disentangling your joined lives. This process may include some things you may not immediately think about, such as your estate plan.

Some elements of a thorough and good estate plan focus on giving control to other parties to make either financial or medical decisions on your behalf should you be rendered unable to do so for yourself.

Estate planning during a divorce

As explained by Forbes, a durable power of attorney allows another person to manage your finances if and when necessary. When you are in the throes of a divorce, you most likely will not want this person to be your estranged spouse. The same concept likely applies when it comes to your health care. Should an emergency arise, you may need someone else to communicate with your doctors and others on your medical team. Establishing who should have these rights and responsibilities becomes important as soon as you separate from your spouse.

Estate planning after a divorce

Other elements of your estate plan may not be able to be updated until your divorce is complete. Once the judge has signed your divorce decree, you can do things like update the beneficiaries on your retirement account, life insurance policy and other accounts.

This information is not intended to provide legal advice but is instead meant to give people in Alabama an overview of some of the long-term planning topics they should consider and be aware of when getting a divorce.

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