Do you remember the time when you last updated your estate plan? Could it have been weeks, months or years ago? If you can’t remember, your circumstances likely have changed. Perhaps you were married before, but now you’re divorcing. While not the most urgent matter, it’s important to consider changing or updating these estate planning documents after your New York divorce is finalized.
Five essential estate planning documents
New York law recognizes five key estate planning documents that require review and updates following a divorce. These documents help remove your ex-spouse’s control over your health, finances and estate matters. They also ensure asset distribution aligns with your current wishes:
- Last will and testament: Remove your ex-spouse as a beneficiary and consider changing executors.
- Revocable living trust: If applicable, eliminate your ex-spouse as a beneficiary or trustee.
- Health care proxy: Name a new person to make medical decisions if your ex-spouse held this role.
- Power of attorney: Select a new agent for financial and legal matters if your ex-spouse previously held this position.
- Beneficiary designations: Revise these on life insurance policies, retirement accounts and other financial accounts that may have named your ex-spouse.
During your marriage, you likely entrusted your spouse with these responsibilities. Now, as your marriage ends, having an ex-spouse manage your healthcare decisions, finances or estate would not make sense. Consider doing this to protect your interests above all.
Updating documents to reflect current wishes
Updating these documents as soon as possible after your divorce prevents potential legal complications. If you become incapacitated or pass away before making changes, your ex-spouse might retain control over crucial aspects of your life or estate. This could be contrary to your current wishes. Quick action ensures your legal documents accurately reflect your new circumstances and preferences.
Consider seeking a legal professional to guide you through updating your estate planning documents. An experienced estate planning attorney can help you make all necessary changes correctly to your will, trusts and other documents.