As someone who created a California estate plan while married, you may want to take a second look at your plan if you and your husband or wife decide to go your separate ways. Many married individuals play significant roles in the estate plans of their spouses. However, you may not want your ex to have certain rights or powers when it comes to your personal affairs once your marriage comes to an end.
According to Money, taking the time to revisit your estate plan and update it accordingly when your marital status changes may go a long way in terms of protecting your finances and ensuring your wishes for the future come to fruition. What are some of the parts of your estate plan you may want to revisit when you divorce?
Your powers of attorney
Like many married people, you might have given your husband or wife power of attorney over your medical or personal affairs. If you no longer want your ex to have access to your personal accounts or the ability to make medical decisions on your behalf in the event of an emergency, consider taking another look at your powers of attorney.
Your beneficiary designations
If you named your spouse a beneficiary in your will or listed him or her on your life insurance policy, you may want to reconsider whether you still want him or her listed as a beneficiary when your marriage ends.
Sometimes, it makes sense to update your estate plan while your divorce is ongoing, but in other instances, it may benefit you to wait until after your divorce becomes final. An attorney may be able to offer insight as to when to make these changes.