It is always a good idea to revisit your California estate plan periodically to address any recent changes in your life and otherwise ensure that it continues to meet your needs. However, there are also certain circumstances that can arise that make giving your estate plan a fresh look particularly wise. At the Law Offices of Alice A. Salvo, we recognize that, once you and your significant other have made the difficult decision to go your separate ways, your estate plan may require updating to reflect your new circumstances.
Per Forbes, if you do not make important changes to your estate plan once you and your spouse split up, he or she will typically maintain at least some degree of control over you and your affairs while your divorce is ongoing. Thus, if you and your spouse are heading for a split, you may want to give your will, among other elements of your estate plan, a second look.
If, for example, you named your husband or wife as your executor in your will, which is a common practice among married couples, you may want to think about giving the responsibility to someone else. Your will may, too, name your spouse as the guardian over your children, should you pass away. While you may not wish, or may not be able, to change this, you may want to list an additional, alternate guardian to cover your bases.
You may, too, want to make some changes regarding your powers of attorney when you divorce. Many married individuals give their spouses power of attorney in the event that they pass on or become incapacitated. However, you may not want to grant your spouse free access to your bank accounts and the like once you decide to go your separate ways. If you fail to update your powers of attorney and you have already given power to your spouse, he or she may be able to access your financial information and bank accounts in the event that you pass away or become incapacitated. Find more about estate planning on our webpage.