Couples divorcing in Colorado have so many issues to sort through and things to split. While worrying about everything from child support and custody to splitting the house, it is easy to forget that the estate plan can be affected by the divorce. Forbes gives several moves you should make when it comes to your will or trust if your marriage is ending.
One of the things you should consider is changing your health care proxy. If you are injured, ill or in an accident, your health care proxy will make important decisions about your care. If you are in the middle of a divorce, you will not want your ex making choices about the treatment you receive.
During the estate planning process, it is likely that you and your spouse executed powers of attorney. This can mean that you signed over access to all your assets and accounts when you were still married. Once you are divorced, you will want to change the access through your attorney and make sure that the power of attorney is durable.
Another decision you must make is if you should disinherit your spouse. While it may seem like a simple decision, there are often details to consider. Most states stop you from completely disinheriting your spouse so you may want to leave them only what is required under state law. If you completely disinherit your spouse in opposition to state law, they may choose to contest the will after you are gone.
You may also need to visit your pre- or post-nuptial agreements, amend your trusts and update your will. These are all things that a qualified estate planning attorney can help you with as you sort through your divorce.
This is for educational purposes and should not be interpreted as legal advice.