It’s fair for you to assume that things will change as you’re going through your divorce. Many aspects of your life will naturally evolve without you putting much thought into them. However, your estate plan is the exception to that rule. Just because your relationship with your spouse is changing, it doesn’t mean your estate plan will automatically be changed or cancelled. It’s one area of your life and future planning that deserves your attention during your divorce, but it can be difficult to know where to start when you’re already so consumed by legal proceedings. Don’t worry; we’re here to help.
The estate planning tips offered in this article are for anyone getting divorced in Minnesota, but they are imperatives if you have a high net worth and want to ensure your assets are protected. After all, that’s why you put so much effort into estate planning to begin with. A Minnesota estate planning lawyer will know all about the laws applicable to your divorce and can help you create legally binding documents. Here are a few of the issues you will likely avoid if you review and amend your estate plan during your divorce.
Your Spouse May Make Decisions in Case of An Emergency
You may or may not have a good relationship with your soon-to-be ex, but here’s something to consider regardless: if you have a medical emergency and need someone to make decisions about your care, would you want that person to be your spouse? If the answer is no, consider changing healthcare directives, power of attorney and other health-related aspects of your estate.
No one’s saying your spouse would be careless with their decisions about your health, but it’s possible they don’t know the choices you’d want made in an emergency. After all, many divorcing couples feel they’ve drifted apart; some don’t even know the person their partner has become over the years. One easy way to avoid this issue is through estate planning during divorce. You can easily change your emergency contact to a family member or friend instead of your spouse.
Your Will May Not Be Valid When Getting Divorced
The law considers you to be legally married until a judge signs the final decree which ends your marriage. In Minnesota, as soon as you get divorced your will is nullified with regard to your ex-spouse. They are ineligible to receive any possessions you would have left them, and the will is read as if your ex had predeceased you. If you’re divorcing in another state, your entire will may be nullified upon the finalization of the divorce.
As you can see, delaying the rewriting of your will can be costly for your family members. When you get the jump on creating a new will with your estate planning attorney it can be put into effect immediately following the finalization of your divorce.
It Will Save You A Major Headache – Even If It’s Temporary
In many cases you’ll need to reevaluate your estate plan again once your divorce is finalized. Certain aspects of your estate cannot be modified in the middle of a divorce, so those will have to be rewritten once the final document is signed and you’ve become single again. However, revising certain aspects of your estate plan twice will still be less of a headache than something coming up in the midst of your divorce!
Your goal in creating an estate plan was to protect yourself, your family, and your assets from the unexpected – which can happen before, during, or after your divorce. But with the proper planning, you don’t have to fear the unexpected; you can focus on beginning the next phase of your life.
Work with An Estate Planning Attorney in Edina to Cover Your Bases When Getting Divorced
If you have minor children to co-parent and other family members to protect during your divorce, estate planning is a necessary component. A divorce law lawyer in Edina can help you cross your t’s, dot your i’s, and tighten up your estate documents as you navigate the divorce process. Get started with an experienced estate planning attorney today to avoid sticky situations for you and your family in the future.