Senior Spectrum
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Sept 2007
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Wealth Planning
Putting Your Legal Life Back Together After Divorce
On your wedding day, everything seems like a dream. You have planned for it. You imagine the life you'll build with your new spouse. You are filled with hope and expectation. Perhaps you even imagine growing old together and celebrating your golden anniversary surrounded by your children and grandchildren.
On your wedding day, everything seems like a dream. You have planned for it. You imagine the life you'll build with your new spouse. You are filled with hope and expectation. Perhaps you even imagine growing old together and celebrating your golden anniversary surrounded by your children and grandchildren.
The divorce divides up property rights and custody of any children. But, there's much more to take care of. Your estate planning documents need to be re-done in light of your new circumstances.
It's likely your spouse was named as agent under your powers of attorney, giving your spouse the authority to make decisions for you when you were unable to make them for yourself. Now that you are divorced, in Nevada, your now ex-spouse would no longer have that authority. Of course, few of us would want our ex-spouse to have the authority to make medical or financial decisions affecting our lives, but now you have no effective Power of Attorney.
While you may still want your exspouse to continue in some roles, such as Trustee for a trust for your joint children, you may not want them to continue in other roles. At a minimum, you should review each document and consider whether the estate planning decisions you made when you were happily married still reflect your sentiments.
Divorce can be a painful process in many ways. A qualified estate planning attorney can help you move forward and plan for your new future.
(Mr. Anderson is a member of the American Academy of Estate Planning Attorneys, and has been engaged in the practice of law for the last 27 years. For more information or to attend an upcoming seminar, call (775) 823-9455 or www.probatebusters. com)