Making the choice to separate from your spouse is never easy. Unfortunately, this one choice is only the beginning. Through the process of a separation and divorce, you will need to make a countless number of decisions and change many elements of your life. One thing that should not be overlooked in this process is your estate plan.
Some elements to update immediately
As explained by Forbes, there are some portions of an estate plan that you may update as soon as you and your spouse have separated. These include a durable power of attorney and an advanced health care directive. Together, these two documents give you peace of mind knowing that the person or persons you want to make decisions for your finances or health if you are not able to have this power. The last thing most separated or divorced people would want is their former partner to be in control of their money or medical care.
Some elements to update after a divorce
When it comes to a will or a trust, you will need to wait until your divorce is finalized before updating these. This allows time to know exactly what assets and debts you have so you can make the right decisions for your estate and your family.
This information is not intended to provide legal advice but is instead meant to give divorcing persons in Mississippi an understanding of what essential documents they should update when they separate from a spouse and what estate planning documents must be updated only once a divorce has been finalized.