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Important estate planning considerations amid divorce

When you marry someone and then create an estate plan, chances are, the person you married will play a key role in that plan. However, certain life events may lead you to reconsider just how much of a say this person has in your personal affairs. If navigating your way through a recent divorce, your estate plan, too, may need to undergo review.

Remember, while your divorce is ongoing, your soon-to-be-ex-husband or wife maintains certain rights over you if you become incapacitated. You may, however, want to reduce or eliminate any control he or she has over you now that you have decided to go your separate ways. Updating your estate plan is a good way to help you accomplish this.

Just what areas of your estate plan may you want to revisit once your split from your one-time spouse?

Your powers of attorney

In many cases, it makes sense for married parties to give their partners power of attorney over them, meaning they give their spouses the legal right to make important decisions regarding their personal affairs. There are several different types of powers of attorney, and you may have one in place that gives your ex the ability to make financial decisions on your behalf, should you be unable to do so. You may, too, have one in place that gives your ex the ability to make medical decisions for you. You may wish to give both of these powers to someone else once you and your spouse part ways.

Your will

If your marriage was like many others, you and your ex may have named each other as executors over your estates, and you may also have left a substantial portion of your estate to this person in your will. You may no longer wish to do either of these things once your marriage ends, however, so it may serve you well to give your will a second look.

While these are two important areas of your estate plan that you may want to update amid divorce, there are other aspects of your estate plan that may also warrant reconsideration.

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Madigan and Scott, Inc.
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Springfield, VA 22150

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