If you have been married for some time, you and your spouse may have worked together to create a will, a trust or other parts of a shared estate plan.
If your marriage is ending in a divorce, however, the estate plan that you worked so hard to put together will need to be reviewed and updated.
Wills, trusts and inheritances
The terms of your divorce settlement may directly impact the decisions you could eventually make regarding your estate planning wishes. For this reason, Forbes indicates that some parts of your estate plan may not be fully addressed until your divorce has been completed. For example, you may be required to keep your former spouse as the beneficiary on your life insurance policy, preventing you from naming someone else.
Medical and financial power of attorney
Other elements of your estate plan may include a durable power of attorney or a health care advance directive. The former names another person to manage your finances if you ever cannot for some reason, such as if you were involved in a serious vehicle accident.
The latter allows another person to manage your health care if you end up injured or ill and become unable to make health care decisions for yourself. These documents may be updated before your divorce completes or after you and your spouse separate.
This information is not intended to provide legal advice but is instead meant to let Oregon residents understand the various elements of their estate plan and how those may change during and after a divorce. If you need help managing your divorce or your estate plan, contact a qualified legal professional.