You have a lot on your plate already when you navigate a Tennessee divorce, and with everything you have going on, estate planning may take a backseat. However, there are several key reasons you may want to review and update your estate plan when you split from your spouse, and this is true regardless of whether your split is amicable or acrimonious.
Yahoo Finance notes that you may want to revisit the following aspects of your estate plan when you split from your husband or wife.
Your will
In Tennessee, any distributions you make to a spouse become invalid in the event of a divorce. However, this is still a smart time to take a second look at your will. If you named any of your former spouse’s loved ones as beneficiaries, for example, you may not want this to remain the case after your split. If you made your spouse the executor or personal representative of your estate you may also give someone different this responsibility.
Your powers of attorney
Many married individuals give their spouse medical power of attorney, financial power of attorney or both. However, you may not want your former partner to have the ability to make decisions relating to your finances or health care after a split, in which case you may need to update these documents, too.
Your insurance policies
It is also wise to revisit the people you named as beneficiaries on any insurance policies you have in the event of a divorce. This includes taking a second look at the people you named in any life insurance policies you may have.
Divorce is stressful, but making these estate planning moves gives you one less thing to worry about by helping you regain control over your medical, financial and personal affairs.
