Estate Planning and divorce

Revoking Durable Power Of Attorney - Estate Planning and divorce

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If you have a will and condition care proxy giving your soon-to-be ex-spouse control over your assets and your medical decisions, it's urgent that you have all of your estate planning documents re-done now. Remember that the law considers you to be legally married until your disjunction becomes final. If whatever happens to you before that disjunction resolve is issued, your estranged spouse will have the power to make decisions over every aspect of your life. If you don't have a will and condition care proxy, you right on need them now.

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Revoking Durable Power Of Attorney

1. Get a new will. If you do not have a will, the laws of New Jersey may give your spouse a large part of all things you own (depending on whether you have children). The first step you need to take is to have your will done so your assets are distributed to the persons you want to inherit your estate. Name the executor that will carry out your wishes and name the beneficiaries of your estate. You may not totally disinherit your spouse until the disjunction resolve is final but you can limit the number that your spouse does receive. Do not wait until the disjunction is final to get a will signed. If you already have a will, get a new one that reflects your current wishes.

2. Change your beneficiary designations. Most of us have life guarnatee policies, whether on our own or straight through work, resignation accounts, and other assets that have a designated beneficiary. These assets do not pass straight through your will but go directly to the persons that you have named as beneficiaries. If your spouse is named as a beneficiary, you will probably want to convert the someone who will get that asset. You may have to get your spouse to agree to the changes due to federal law, but the desired outcome is that your assets will get to the persons you want to inherit.

3. Durable power of attorney. Every person, married or not, should have signed a durable power of attorney appointing someone to deal with their enterprise and personal affairs (such as signing checks and legal documents or running your business). If you have given your spouse a power of attorney over your affairs, he/she can exchange money out of bank accounts, sign loan documents, or get new credit cards. You want to inform everybody who deals with your money that you are revoking that durable power of attorney. And you want to sign a new one appointing someone else to have these powers, just in case you are in an emergency or otherwise unable to act for yourself.

4. Health Care Proxy or Living Will. If you are incapacitated, who will make medical decisions for you? You don't want it to be your soon-to-be ex-spouse, do you? The law ordinarily allows a spouse to make condition care decisions for the other spouse, even without a writing to make if official. Get a written condition care proxy and a living will that will name your choice of a someone to make medical decisions for you and information the instructions for that someone in a living will.

5. Custody of the children. If you have children with the someone you are now divorcing, he/she will probably be getting custody of the children in the event you die. It is not automatic, the accepted is "best interests of the children." If you believe that your spouse is not the best parent for your children, you must name a guardian in your will. Disclose why your ex-spouse should not be the legal guardian so the courts will understand your choice.

Do not delay getting your estate planning done immediately. No decision is the worst decision.

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