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Remember your estate plan when you divorce

On Behalf of | Oct 17, 2019 | Estate Planning |

If you are like a lot of people who get divorced in Texas, you may find the whole experience a bit overwhelming at times. This is completely understandable. Ending your marriage ultimately impacts every facet of your life and you will find yourself making decision after decision. In this situation, it can be all too easy to overlook some of the things that could benefit from your attention. Your estate plan is one of these things.

As explained by Forbes, there are some parts of your estate plan that you must keep on hold until your divorce decree is signed and finalized. There are some things, however, that you can do to update your plans as soon as you have separated from your spouse. Updating your health care advance directive and your durable power of attorney can be done at any time and it is recommended you do this sooner rather than later.

Most people name a spouse as the responsible party in these two documents. A divorcing person is not likely to want their former spouse making health care or financial decisions on their behalf so changing these promptly is wise. Identifying beneficiary designations and other decisions generally need to wait until the divorce has been officially completed.

If you would like to learn more about how you might review and approach your estate plan during and after a divorce, please feel free to visit the newly divorced person’s estate planning page of our Texas wills and trusts website.