The finalization of the process of ending a marriage means that a Texas spouse can move forward with his or her new life. In the days and weeks after this point, one of the important things a spouse can do is consider important updates and changes to his or her existing estate plans. After a divorce, it is likely that certain estate planning documents need to be updated or changed.
The impact of divorce on existing documents
It is likely that the former spouse is listed in the terms of a person’s will, designated as a trustee or beneficiary of a trust, or named as a power of attorney. This could be difficult after a marriage is over, and it is likely that a spouse will want to remove the ex from certain aspects of his or her plans. One of the first steps is to take is to make necessary changes to an existing will, including changing the recipient of assets or the executor of the estate.
Trusts and certain types of accounts may also require updates. If a former spouse is listed as a power of attorney, it is also important to change this designation as well. Failure to make these updates could complicate things for heirs and beneficiaries in the future, and it could result in assets ending up with the wrong person.
A new start
A divorce does not necessarily mean that a Texas spouse must start from scratch with his or her estate plan. But it’s possible to make a few updates to existing plans and gain the full amount of protection needed to face the future with confidence. To make changes or address estate planning concerns, it is helpful to first speak with an experienced attorney.