It’s a tale as old as time. A couple is married for several years and during that time, the couple successfully grows a small business into a million dollar one. The couple’s marriage ultimately does not last and they divorce. Because the couple is still young, they do not have any estate plans. Tragedy strikes and the husband or wife does not survive. Because the deceased person’s will was never change, all of their assets are inherited by the estranged spouse rather than the deceased person’s family.
This story demonstrates why it is important to revise your estate plans during a divorce. In addition to making certain that estate planning advice is followed, this article reviews some of the other important advice that you follow after a divorce.
# 1 – Update Your Healthcare Proxy