People in Texas and around the world experience a variety of changes throughout their lives. Because of this reason, it is important for individuals to remember to update their estate plans. In particular, going through a divorce gives a number of reasons why jumping back into estate planning could prove vastly important.
One of the first steps a person may want to take is update his or her will. Many individuals choose to name their spouses as the executors of their estates, and after deciding to divorce, it is likely that most people do not want an ex-spouse to still hold that role. The updating of wills could also change beneficiary designations if a spouse was specifically named to inherit certain property.
Another important aspect to change is the power of attorney document. Like with the executor of the estate, many people choose to name a spouse as their power of attorney agent. However, leaving that person in charge after divorce may make individuals uncomfortable, so appointing a new agent as soon as possible may be the best option. It may also be important to remember that certain changes can be made before the divorce is final and acting sooner rather than later could prove wise.
Estate planning is an ongoing process. It may come as a relief to get the initial decisions in place, but whenever a major life event takes place, like divorce, it is important to review those decisions to make sure they still reflect the proper intentions. Texas residents who may be going through divorce or another change that could warrant an estate plan update may wish to consult with their legal counsel.