If you and your spouse in Tennessee have recently separated or gotten divorced, you will know firsthand just how deeply this experience impacts your life. Every facet of your daily life and long-term plans are touched including your finances, your residence and even your social circle. It can be hard to focus on all of the things you need to address at this time and an estate plan might be one of those things you put aside for the moment. This, however, should not be done long-term.
As explained by Forbes, it is in your best interest to make updating your estate plan a priority after you get divorced. You may even want to update some items upon separating from your spouse before your divorce is over. Examples include a durable power of attorney and an advanced health care directive. These are important in the event you should become unable to manage your finances or make health care decisions for yourself. You are not likely to want an estranged spouse doing these things for you.
After your divorce is final, reviewing your will, trust, guardianship plans for children and all beneficiary designations on things like your 401K or life insurance policies should take place. You will want to ensure you adhere to any provisions of your divorce settlement that require you to maintain a former spouse as a beneficiary if that exists.
This information is not intended to provide legal advice but is instead meant to help separated or divorced residents in Tennessee understand the importance of updating their estate plan after their marriage ends.