If you are about to get a divorce in Delaware, you may be wondering if it will affect your estate plan. You should take time to create or update several critical documents to ensure that your end-of-life planning reflects your new marital status.
Many spouses leave most of their assets to their spouse in a will. While the divorce means they will no longer receive your assets, it does not tell the trustee how you want things divided. Therefore, you must create a new one.
While your ex-spouse may have trouble getting assets from your trusts after a divorce, if you do not change the terms of your trusts, it may have to be probated, which can be a lengthy and costly process. People with minor children may want to create a special trust leaving them your assets when they become adults. Additionally, if you have named your ex-spouse your trustee, you may wish to change this.
While you are busy updating your legal paperwork after a divorce, be sure also to update your insurance policies, including your life insurance. If you are confused about what the future may hold for you, consider creating a trust to be funded by this money as that will give you time to decide when your emotions settle down.
Power of attorney
As you become single again, you must name a power of attorney. This individual will make decisions for you if you cannot make them for yourself.
After a divorce, looking at your estate plan to determine what happens to your assets at your death is vital.