Life comes with changes around every corner. For some Texas residents, going through divorces could turn their lives in completely different directions. While focusing on the divorce is important, it is also wise for parties who have already created their wills to go over the information in those documents to determine how the results of the divorce could affect their estate plans.
Estate plans often include specific beneficiaries named by the person who created the documents. It is common for individuals to want their spouses to inherit their property in the event of their deaths. Of course, after divorce, that desire will likely change, and parties may want to update their beneficiaries to have assets distributed to other family or friends. It is also important to remember that divorce could lead to a person maintaining and losing ownership of certain property, which may also present the need for distribution updates.
If parties have not included any trusts in their plans, reviewing their documents after divorce may give them the opportunity to consider this option. Including trusts could allow individuals to protect assets for children or other loved ones and also add specific instruction on how and when those assets could be used. Trusts could also keep these assets out of divorce proceedings in the event that the beneficiaries themselves dissolve their marriages.
Wills and other estate planning documents can help keep end-of-life instructions in order. However, without the proper updates, some instruction may no longer be valid by the time the plans need to be followed. Texas residents may want to make sure that they review their plans periodically, especially after major life events like divorce.