When married individuals create their estate plans, they often place their spouses in many of the vital positions, such as executor and heir to the majority of the estate. This may seem like the right move while the relationship remains happy, but in the event that the marriage comes to an end, estate planning needs revisiting. There are several aspects that Tennessee residents will likely want to update.
As mentioned, if an individual has named a soon-to-be ex-spouse as executor of the estate, that designation will likely need changing. Most people do not want an ex in such a position of power. Additionally, they typically do not want an ex to remain named as beneficiary for their important assets. Fortunately, these changes can be made within the estate plan. However, in some cases, parties may not be able to make changes until the divorce is final.
Another area to review relates to health care. If estate plans include documents like health care proxies or power of attorney designations, these documents will also need updates if an ex-spouse is named as agent. This step is important because, again, parties will likely not want an ex having the ability to make important health care decisions.
Whether going through divorce or facing another major life change, jumping back into estate planning can be immensely beneficial. Updating existing documents can work to prevent unnecessary complications from occurring due to outdated information. If Tennessee residents would like to ensure that their planning documents contain the correct information and continue to reflect their desired intentions, they may want to consult with their legal counsel about reviewing and updating their plans.