What Estate Planning Documents Should I Update After My Divorce?

If you had a written will at any point during your marriage in Colorado, the beneficiary was most likely your spouse. If you fail to update your will after your divorce and something happens to you, your ex could still end up inheriting your estate. If you and your ex have children, a will can also be a way for you to designate a guardian for them in the event that neither you nor your ex can take care of them.

According to Forbes, if you took out a life insurance policy during your marriage the beneficiary was also probably your spouse. If you have children, the assumption was most likely that your spouse would continue to care for your children in your absence. If you were to pass away and want to ensure that your children are provided for directly without relying on your spouse to do so, you will need to change the beneficiary of your policy, choosing a close family member or someone else that you trust. This same concept applies to any retirement accounts you may have or trusts you are party to that could be turned over to your ex-spouse if something happened to you.

Perhaps you also granted your spouse power of attorney so that he or she could make legal and/or medical decisions for you should it become necessary. In Colorado, powers of attorney granted from one spouse to another are automatically revoked as of the date of the divorce. However, they are in effect right up until that date so if this is of concern to you, you may want to consider having your power of attorney revoked prior to your divorce becoming finalized. This information is for educational purposes only, and should not be interpreted as legal advice.

Tags: Divorce

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