Over the past two weeks I have read three financial planning articles on the web, and you might say I was strongly compelled to write about it. Apparently some estate planners have been recommending that after your divorce you should change your will, living will, medical directive and power of attorney.
From a practical standpoint, the last thing you want to do is to wait until after your divorce is final to change your Last Will and the associated legal documents.
You should seriously review and consider making changes before you even begin to plan for your divorce. In many states attorneys may tell you that once initial papers are filed, you may be restricted from making any changes until the divorce is final in court.
If you’re thinking about divorce, the love light has gone out, and trust is out the door.
If for some reason something happened to you before your divorce was final, would you really trust him to make medical decisions for you?
Would you trust him to make financial decisions that could affect your future, knowing that he may no longer have your best interests at heart?
Did you know it is possible your husband could get all of the marital assets unless your will directs otherwise?
Do you really want to take those chances?
And do you believe that he would use your money for your children (if you have kids)?
When you ask yourself these questions, you will agree that the time is now to make changes if they are needed.