Depending on your personal circumstances, the acts of both marriage and divorce are cause for the two parties involved to either create or review some essential estate planning items. Items to think about include wills, trusts, and beneficiary designations for retirement accounts and life insurance policies.
Furthermore, it is wise to decide upon and put into writing a medical directive that spells out your wishes for any medical treatment that you do or do not want administered on your behalf should you find yourself incapacitated.
Aside from medical decisions, you may want to designate someone to act on your behalf when it comes to managing your finances, selecting guardians for your children, and giving a person(s) control of any money set aside for the care of your family should something happen to you.
To learn more about these topics in detail, visit the Protect My Estate page, and as always, remember that this material has been provided for general informational purposes only and does not constitute either tax or legal advice. Investors should consult a tax or legal professional regarding their individual situations.