Powers of Attorney
If you have previously done estate planning, you have probably given your spouse a Durable Power of Attorney to handle your affairs. In the divorce context, Durable Powers of Attorney are loaded guns. There have been numerous instances where estranged spouses have used such Durable Powers of Attorney to transfer their spouse’s assets to them, take out loans in the name of their spouse, etc. If you have given your spouse a durable power of attorney, you should consider revoking it immediately so that it cannot be used in an unintended fashion. Check with a qualified estate planning attorney to make sure you follow your state s rules for revoking a power of attorney. In most states, banks and other third parties can rely upon a power of attorney unless they have notice that it has been revoked. If you are concerned that your spouse may attempt to use the power of attorney without your permission, you should consider notifying all your financial institutions that the power of attorney has been revoked. It is often a good idea to record the revocation in the public records.
Resources & Tools
DYING INTESTATE -- When a person dies without a last will, his or her property is divided under the laws intestate succession of the state of residence. These laws generally favor the surviving spouse, children and grandchildren, and then move back to grandparents and siblings.
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