Dealing with a significant health condition while going through a divorce can be a complex and emotional process. However, estate planning attorneys emphasize that individuals have more control over their future than they may realize. Prioritizing estate planning during divorce, especially when faced with a serious illness, empowers individuals to safeguard themselves, their loved ones, and their assets.
Approaching this critical process with sensitivity, clarity, and professional support is crucial. Here are essential steps to consider:
1️⃣ Update Your Will
If your will was created during your marriage, it is essential to review and revise it during divorce proceedings. Consider designating new beneficiaries, addressing jointly owned assets, and establishing a trust for long-term planning.
2️⃣ Revisit Powers of Attorney
Ensure that your Power of Attorney reflects your current circumstances by revoking the old document, naming a trusted individual to make decisions on your behalf, and outlining clear guidelines for decision-making.
3️⃣ Update Your Healthcare Proxy / Advance Directive
Your healthcare proxy should reflect your current wishes and values. It is important to select someone who understands your preferences and dignity to make medical decisions on your behalf.
4️⃣ Review Beneficiaries on All Accounts
Update the beneficiaries on life insurance policies, retirement accounts, and pensions to align with your current situation. Consult with your attorney regarding the timing of these changes during the divorce process.
5️⃣ Consider Setting Up a Trust
Establishing a trust can protect assets, help qualify for benefits, and ensure the security of your legacy, particularly if long-term care costs may arise.
6️⃣ Talk to Your Legal and Medical Team
Seeking guidance from legal, financial, and healthcare professionals is essential during estate planning, especially when navigating divorce and illness simultaneously. Collaborating with experts ensures that your plans accurately reflect your circumstances.
While facing the challenges of illness and divorce concurrently is undoubtedly difficult, making informed decisions about estate planning is a powerful act of self-care and love for your loved ones. Partnering with a knowledgeable attorney who prioritizes your future well-being can provide peace of mind during these trying times.