Updating Your Estate Plan During Or After A Divorce
When you divorce and fail to update your estate plan, your property, life insurance benefits and retirement accounts may go to your ex when you die.
Your ex could also have power of attorney for your health care and financial decisions if you become incapacitated and unable to make decisions for yourself.
While estate plans are made to be solid enough to be upheld in court, they are also not static documents. These plans are made to be updated as life changes. At The Bruman Law Group, we can help you create a simple will and health care directive to put your mind at ease.
Who Needs A Will?
- If you are working full time, own a house and have a retirement plan, a will is a good idea.
- If you are married or just got married and if you recently had a child, a will works to protect your spouse in the event that the unthinkable happens. It also clarifies for your family what you’d like to happen in this instance.
- If you are going through a divorce, you should meet with an attorney to create a last will and testament.
- A will is a legal document that lets your family and friends know “who gets what” after you die. A will can also broach the payment of debts and convey any other information your loved ones need.
- Additionally, if you have had a major health change or health event, you may want to write down your wishes and create a legacy in a last will and testament.
When To Update Your Will
There are many instances that warrant an update or addition to your will. These instances include:
- Any change in your marital status: If you get married, divorced or remarried.
- When you have a child or additional children. You will want to have a plan in place for who will raise them in the unlikely event that both you and the other parent die.
- In the event that any of your named beneficiaries die. For example, if you left an asset to a sibling or parent who has passed away, it is time to change that in your will.
- If you need to appoint someone with medical powers of attorney: This person will make health care decisions on your behalf should you become incapacitated (for example, due to a coma or unconsciousness after a serious accident).
- If you want to appoint someone as financial power of attorney to take care of your bills and finances should you become incapacitated.
- A living will tells your loved ones and medical staff your choices for end-of-life medical treatment. You can get as specific as you’d like about the procedures and medications that you want or do not want in certain situations.
Texas is very specific about what constitutes a viable and enforceable will. Work with an attorney who understands Texas law and is experienced in estate planning.
Now Is The Time To Make Or Update Your Will
At The Bruman Law Group, we understand the relationship between family law and estate planning. When you need a simple will or power of attorney, we can help. Call 281-583-0055 or send us a request for a meeting.