Estate Planning Considerations When Divorcing In Hermitage

Going through a divorce is often a major transition point in your life. As you adjust to this new chapter, there’s one crucial detail you shouldn’t overlook – your estate plan. Many married couples build estate plans around their spouses, and a divorce will impact those previous decisions.

As you think ahead for the future, it’s important to revise your estate plan after a divorce. At Douglas, Joseph & Olson Attorneys At Law, our skilled estate planning attorneys are also knowledgeable in divorce matters and can help navigate this complex situation. With over 45 years of combined experience practicing law in Pennsylvania, our attorneys represent clients throughout Jamestown and Hermitage with their unique estate planning needs.

Updating Your Existing Will

If you and your spouse did not have a will, then you should consider creating one as soon as possible after your divorce. Our lawyers can guide you through the necessary steps to build a strong will that outlines your specific needs.

However, if you already have a will created, now is the time to revise it to ensure that your will reflects your marriage has ended. In Pennsylvania, wills can be modified during or after a divorce. Any provisions in your will that are in favor of your spouse will become ineffective unless the provision was intended to survive the divorce.

If you’re unsure about the current state of your will and how your divorce will impact it, you should speak with a knowledgeable attorney. Our team at Douglas, Joseph & Olson Attorneys At Law will take the time to review your will and make sure your ex-spouse is removed from all the crucial areas.

Update Your Beneficiaries

Most married people leave everything in their estate to their spouse. While this is normal, it can become an obstacle that needs rectifying after a divorce. It’s crucial to carefully remove your ex-spouse’s name from any beneficiary designation to ensure they do not inherit your estate. In most cases, a beneficiary that’s named directly to an asset supersedes what you have written in your will. Revising what’s included in your will, along with other beneficiary designations, will ensure that your ex-spouse won’t inherit your property.

For example, life insurance and retirement accounts are not part of your will but include beneficiary designations. You may have added your spouse as the named beneficiary for these assets but forgot to revise them after the divorce. You might remarry in the future, but once you pass, the assets from your life insurance and retirement account will end up with your previous spouse, as you did not remove them as the named beneficiary.

It’s important to review all documents with named beneficiaries to ensure that you don’t overlook something with your ex-spouse’s name on it.

Updating Your Executor

An executor is in charge of overseeing the distribution of your estate according to your will. This includes identifying and passing on assets and paying off debts and taxes. Many people appoint their spouse as their executor to be responsible for these crucial tasks.

If you don’t want your ex-spouse to be involved in this process, it’s important to revise your will to remove them and appoint someone else.

Updating Your Powers Of Attorney

A power of attorney (POA) is a legal document that allows you to appoint someone to make crucial decisions and act on your behalf, generally when you are incapacitated or otherwise unable to make decisions yourself. There are two common powers of attorney:

• Medical power of attorney: This type of POA allows the appointed individual (known as an agent) to authorize health care decisions on your behalf. Your agent will follow your medical wishes as outlined in the legal document. For example, if you come down with a sudden illness but are unable to make health decisions on your own, your medical POA can act in your stead to inform the health care professionals of your wishes and choose the best treatment.
• Financial power of attorney: Similarly to a medical POA, a financial power of attorney is an appointed individual, or agent, who will oversee your finances. The agent will have the ability to handle any financial decisions and issues you might have according to your wishes, as explained in the document. Financial POAs are often used when someone is unable to manage their financial affairs, such as paying bills, managing real estate or receiving benefits from governmental programs.

In most cases, married couples name their spouse as their powers of attorney. If you have done the same, it’s a good idea to choose someone else for these crucial roles. Finding the right person to be a power of attorney can be tricky, as they are important jobs with serious duties. A few qualities to consider include:

• Someone who is trustworthy
• Someone who is assertive
• Someone who lives nearby
• Someone who has financial and/or medical knowledge or understanding
• Someone who is willing and able to take on the role

If you need assistance in revising your powers of attorney or choosing the right person to take over the role, our lawyers can help.

Schedule A Free Consultation Today

A divorce can have a big impact on many areas of your life, including your estate plan. It’s important not to overlook this aspect as you move forward with your next chapter. At Douglas, Joseph & Olson Attorneys At Law, our attorneys have the skill and experience necessary to guide you through the steps to revise your will and estate plan, and ensure you feel confident for the future.

Call today for a free consultation at 724-704-0554 or send an email inquiry at your convenience.