If you are one of the many residents in Colorado who is facing or in the middle of a divorce, you will be forced to make numerous decisions and adapt to a seemingly never-ending set of changes in your life. The end of a marriage generally touches every facet of a person’s daily life. It also necessitates that you update other elements of your life that you do not always think about or pay attention to on a daily basis. Your estate plan is one of these things.
Most married people list their spouse as the person who would be responsible for their finances or their health care in the midst of an emergency. However, few people would want a separated or divorced spouse to act in these capacities. It is for this reason that Forbes recommends you update your durable power of attorney and your advanced health care directive as soon as you make the decision to get divorced or to separate.
Once your divorce decree has been finalized, you will want to review your assets and debts so that you can make a new will or trust to manage your post-divorce estate. As you rebound from your divorce and experience other changes, including maybe a remarriage or the birth of a grandchild, you will want to update your plan again.
If you would like to learn more about how you should track and update your estate plan when your life is in the midst of a major change, please feel free to visit the divorcing person’s guide to asset protection on our Colorado estate planning website.