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Estate planning updates during a divorce

On Behalf of | Jul 16, 2020 | Divorce |

When a married couple decides to get separated or divorced, each spouse must rethink virtually every aspect of their lives. From where a person will live after a divorce to when they will spend time with their kids and more, change becomes the norm for a while.

One thing that many people may not immediately think about reviewing in the midst of a marital split is an estate plan. However, as Forbes explains, some parts of an estate plan warrant attention at this time.

The durable power of attorney

A durable power of attorney identifies who shall manage a person’s finances should they become unable to do so on their own. This may happen after a sudden accident or a serious illness. Few people would like their estranged or former spouse to control their money, making it important to update or create their durable power of attorney once they get separated from their spouse.

The advance directive

According to the American Cancer Society, a medical power of attorney works similarly to a durable power of attorney. It allows someone else to communicate with a person’s medical team and make health care decisions on their behalf if they cannot do so for themselves.

In addition to the medical power of attorney, also called a durable power of attorney for health care, people may benefit by creating a living will. This document outlines the person’s wishes for any treatment near their end of their life should they be unconscious or facing a terminal illness. Feeding tubes, breathing assistance and dialysis are some types of treatments that may be covered in this document.