If you are in the process of going through a divorce, your financial circumstances will be in a state of flux, and you may want to address some of these uncertainties in your estate plan. It is probable that you do not want your divorcing spouse to inherit your assets, and they may currently be named as a beneficiary in your will or trust. This is why it is important that all new divorcees look over their estate plan thoroughly so that they can make the appropriate amendments.
There are some aspects of your estate plan that you may not be able to change until your divorce has been finalized. Therefore, you should take the time to learn about how the law works in New Jersey so that you can appropriately amend your estate plan for your current wishes as soon as it is possible to do so.
What can I update while waiting for my divorce to be finalized?
You will be able to change your power of attorney and your health care proxy before your divorce is finalized. This will mean that your divorcing spouse does not need to be in a position to make health care decisions for you.
What will I not be able to alter?
If you have already named beneficiaries on retirement accounts, life insurance and 401k plans, you may not be able to change these until the divorce has been finalized.
If you are going through a divorce and want to make sure that your divorcing spouse is not entitled to your assets, it is important to take action to make the relevant alterations.