Navigating a divorce is never easy. Any individual who is in the process of divorcing in Texas will know that making sure all matters related to property division, child custody and visitation, and more are addressed is a tremendous responsibility, as that person’s future financial stability may be threatened if something is forgotten. One of the aspects that may be forgotten is dealing with an estate plan and a will.
This is not something that can be delayed because it may leave all a person’s assets and important decisions to an ex-spouse in the event of death or incapacitation. By revising an estate plan, an individual can also stipulate wishes indicating who will take care of his or her children after such an unfortunate event. A new will can replace an existing one, and a parent with primary custody of children after a divorce must make sure that primary and secondary guardianship of children is clearly stipulated.
Existing durable powers of attorney may need modification — for both financial and health care issues. Neglecting to address these issues may give an ex-spouse the right to make financial or health-related decisions in the event of a person becoming incapacitated. Another important matter is to revise beneficiaries on all brokerage accounts, life insurance policies, annuities, bank accounts and more.
These are but some of the often-forgotten issues to be addressed. An experienced Texas divorce attorney can provide guidance on all matters relating to property division, along with helping to draft new wills, estate plans, trusts and more. A lawyer’s resources may include financial advisers, tax advisers and more to ensure nothing is left unaddressed. To avoid confusion, an attorney will ensure that all new documents clearly state that earlier versions are revoked and replaced.
Source: New York Post, “How to shield your money from your ex in 3 simple steps“, Melissa Montgomery-Fitzsimmons, Accessed on April 29, 2016