You have sat down with your soon-to-be-ex-spouse to work out the details of your divorce in Tennessee. You have got everything covered on your personal to-do list, right? Double-check to make sure you included changing your estate plan to accommodate your new status.
Forbes dives into the specifics regarding how your estate plan may change while going through a divorce. Put these suggestions to good use.
Power of attorney
If your divorce is a rocky one, or if you feel your current spouse may become vindictive in the future, revoke the power of attorney as soon as you can. Otherwise, your soon-to-be-ex continues to have access to your accounts.
Health care proxy
Something else you may not want your spouse to have is a say over is your medical decisions were you to become incapacitated as the result of an accident. Change the person you deem as your health care proxy.
Post-divorce changes
You have to wait to make some estate planning alterations until after the finalization of the divorce. For instance, your retirement accounts, life insurance policy and pension beneficiary designations have to stay in place for now. In the meantime, a complaint of divorce protects your assets.
What to leave your current spouse
If you and your current spouse divorce amicably, you may want to leave her or him something. Talk with a legal professional about what your soon-to-be-ex is legally entitled to. On the other hand, you may want to fully disinherit your current spouse. If so, know that you may have quite a battle ahead of you if your spouse contests your desires.
This information is only intended to educate and should not be interpreted as legal advice.