Top 3 Estate Planning Issues to Consider When Going Through a Divorce
There are at least two things most people don’t want to think about, besides death and taxes--and those are divorce and estate planning. For most people, divorce is overwhelming enough without having to think about estate planning issues on top of managing a divorce proceeding, however, there are many reasons why consulting with an experienced estate planning attorney when starting and proceeding through a divorce is essential. I asked Jackie Cara, Esq., an estate planning attorney and owner of Cara Law, to explain to my clients what issues they should consider in estate planning when going through a divorce, in order to protect themselves and their children.
- Medical Decision-Making. If you already have a Health Care Proxy, chances are, it names your soon-to-be ex-spouse as your medical decision maker. Most likely, those are no longer your wishes. If you don’t have a Health Care Proxy, under New York law, your spouse has first priority in making medical decisions, if you are incapacitated. So, in order to protect yourself in an emergency, speaking to a qualified estate planning attorney about updating or making a Health Care Proxy naming the person you choose now, is essential.
- Financial Control. You may already have a Power of Attorney drafted, and if you do, it probably names your spouse as your agent, meaning, that is the person who can access your bank accounts and assets on your behalf if you are incapacitated. Is that really what you want right now? It’s better to be safe than sorry and update your Power of Attorney, naming an agent you trust today to act in your best interests, if need be.
- Inheritance Rights. If you don’t have a will, while you are going through your divorce, your soon-to-be ex will inherit from your estate. Or, if you have a will, you may have left everything to your spouse. Let your estate attorney know your wishes if you die during the divorce proceedings, to protect your assets and benefit your children rather than you spouse.
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Jackie Cara, Esq. has been an estate planning attorney for over 20 years and is in private practice in Garden City, New York. Cara Law (www.jackiecaralaw.com ) is a boutique practice that provides its clients with individualized, custom planning and guidance in the areas of asset protection, tax planning and long-term planning. Her practice focuses on helping her clients meet life’s milestones with confidence. Her practice areas include estate planning, elder law and special needs planning. To contact Jackie Cara call (516) 217-9200 or email jackie@jackiecaralaw.com.
