If you and your spouse in Oregon have made the decision to end your marriage, you know that there can seem to be no end to the number of decisions you must make and things that will change in your life. This transition includes a mindset shift in which you start assessing many decisions differently, including how you would like your assets handled or distributed after you die. Unless it is stipulated in your divorce agreement, you probably do not want your former spouse to inherit everything.
It is for this reason that Forbes reminds people not to forget about their estate plans when they get divorced. Some documents and plans might not be able to be changed in any way until your divorce settlement is finalized. This is to protect you and your spouse from each other tampering with any marital assets during the proceedings. Once the ink is dry, however, your will or trust should be updated to reflect your current situation.
During your divorce, however, you may well be able to address some other elements of your estate plan, such as updating your advanced health care directive or your financial power of attorney. Doing this will protect you in the event of an unforeseen situation in which you cannot tend to these matters on your own.
If you would like to learn more about how to protect yourself, your children and your assets during and after a divorce, please feel free to visit the divorcing person’s estate planning page of our Oregon family law and marital dissolution website.