There are a lot of considerations for you to mull over after a divorce. One such consideration is your Tennessee estate plan. If you are divorcing your partner, you will most likely need to make a number of changes to your plan.
Most estate plans between married couples list each other as the other’s power of attorney. If this is the case with you and your spouse, then you will want to alter it as soon as possible. Execute a new power of attorney that you can trust. You may want to choose a relative or close friend.
The case of children becomes a little more complex. Forbes explains that if you have minor children, do not forget to enter them into the trust. If you do not, then your spouse will have control of your children’s finances until they turn 18. If this is something that you do not want, then you should have a trust with a trustee to control the money. When it comes to custody, if you do not believe that the other parent is fit to parent your children, then you may need to enter a different guardian into the estate plan, if something were to happen to you.
All provisions about your spouse need adjusting. You will want to make sure that your estate plan does not involve him or her receiving your assets. Most do not want their exes to have control over their assets after they die.
The above information is meant to inform on how to handle estate planning after a divorce, but not to be interpreted as legal advice.