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What do I need to do with my estate plan after divorce?

On Behalf of | Oct 17, 2022 | Divorce, Estate Planning

In the middle of a divorce, it might be easy for a Kauffman County resident to forget some important financial and legal details that do not directly involve their divorce.

They may do so simply because in the big scheme of things, these details are not priorities. So, people set them aside to focus on seemingly more important details about their divorce and then wind up losing track of them.

Estate planning is one such detail.

After a Texan has divorced, they should do a comprehensive review of their estate plans. If they think they will forget, they should mark their calendars or make some other reminder to themselves.

Texans should update their estate planning documents following a divorce

Texas law does offer some protection to those who forget to update their estate planning documents after a divorce, but does not give a person a free pass not to worry about it.

Kauffman County residents who have just divorced should be sure to update their wills, trusts, and advance directives, such as any power of attorney, in order to reflect the outcome of their divorce.

Although it is relatively rare, some people may even want to let their former spouses have some role or share in their estate plans. If this is their choice, they must make that choice clear after a divorce.

A thorough update of one’s estate plan after their divorce will also include a review of many other documents.

Unless their divorce requires otherwise, people will need to change beneficiary designations on life insurance policies, retirement accounts and the like. They should also make sure that they have updated deeds for jointly held real estate and other joint property.

While updating one’s estate plan may be the last thing on their mind after a divorce, not doing so can create confusion. In the worst-case scenario, it can lead to some serious unintended personal or financial consequences.