Divorce comes with a lot of adjustments. Understandably, a couple of things might fall through the cracks during this tumultuous period. However, keeping your estate plan up to date should not be among the overlooked or forgotten items on your divorce to-do things. Understanding Michigan divorce laws can help you make estate planning decisions that will protect yourself, dependents, assets and your future.
Michigan estate planning checklist for a divorcing couple
The importance of updating your estate plan after a divorce cannot be overstated. Here is an estate planning checklist during divorce that will help ensure you do not overlook vital documentation while updating your estate plan.
- Your will
Your will spells out how your estate will be handled upon your death. As such, it is crucial that you carefully review it during and after divorce. A divorce and estate planning lawyer can guide you on how to update your will to protect your estate even if you were to pass on before concluding the divorce process.
- Durable Power of Attorney
Most couples execute Durable Powers of Attorney to each other so they can make financial decisions on behalf of one another while in the marriage. You may want to revoke your spouse’s power of attorney to prevent them from transacting any financial business in your name.
- Medical power of attorney
As with financial matters, it is not a great idea having your ex-partner making medical decisions on your behalf. As such, terminating and executing a new medical power of attorney will ensure that you have someone trustworthy making health care decisions should you be incapacitated.
- Beneficiary designations
According to Michigan law, some properties directly pass on to heirs without having to go through probate upon your death. It is important that you review all beneficiary designations on your financial accounts, annuities, insurance policies, retirement accounts and other assets to determine if you need to change them after divorce.
Divorce can be complicated. And estate re-planning in the wake of a divorce can make things even more complex. Learning more about divorce and estate planning in Michigan can help you make informed decisions and protect your assets and interests upon dissolving your marriage.