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Why after a divorce you need to do estate planning!

After you obtain a Divorce, you need to examine and change your estate plan.  If you had an estate plan before the divorce, you probably named your former spouse in your Last Will or Revocable Trust, as well as in your Health Care Power of Attorney.  I can almost guarantee that you will want to change those decisions made during happier times.  Further, if your spouse has a financial power of attorney, you need to revoke the same.  

After the process of splitting assets, most people do not want the assets they obtained through the divorce as well as assets acquired after the divorce to go to their former spouse just because they forget to change their Will or Revocable Trust.  Most people prefer to change their estate plan so that assets to go their children, perhaps in trust until they are old enough to be responsible with receiving assets.  

Further, most people listed their spouse in a Health Care Power of Attorney to make medical decisions for them well before the relationship soured and the divorce process was started.  After the divorce, most people would not want their former spouse to be making the medical decisions for them.  Therefore it is important to redo this important Power of Attorney.

Lastly, if you do not revoke a financial power of attorney, the former spouse who has that document can withdraw money from your accounts and create financial havoc.

Be smart and consider estate planning as the last part of getting divorced.

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Law Office of Steven J. Hirsch, Esq

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