The end of a marriage is a difficult process that will affect multiple areas of one’s life. Divorce is emotionally complex, and once the process is final, a Nevada spouse may assume that everything is final and resolved. There are often other changes that are necessary, such as to one’s existing estate plans. Life changes, such as divorce or remarriage, necessitate updates to existing plans in order to avoid complications in the future.
Changes to an existing estate plan
Estate plans provide one the opportunity to maintain control over certain aspects of his or her future, such as the distribution of personal property after passing. With a divorce, it is likely that many of the designations in an estate plan should change. This includes the specific individuals listed as preferred heirs and beneficiaries of the estate, as well as the individual designated to oversee the administration of the estate.
Other important changes could include updating trustees of established trusts. It is likely that one will not want a former spouse to oversee trust assets or have access to the assets held in the trust. Additionally, it is critical to change the designation of both health care and financial power of attorney if it previously was the former spouse.
Thinking about the future
The future after divorce can seem uncertain. However, with the right estate plans in place, it is possible to have confidence regarding one’s long-term interests. By making necessary changes to existing plans, a Nevada spouse can feel secure about certain matters and know that he or she gets the final say over critical legal and financial matters.