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Should I wait until my divorce is final to update my estate plan?

On Behalf of | Jul 8, 2019 | High Asset Divorce

Changing your estate plan can seem like a painstaking task, especially if you are undergoing a significant life change, such as a marriage or a divorce. When you are going through a divorce, the last thing you want to do is complicate your life even further. Like other Texas residents in this position, you may decide to put off updating your will and trusts until after the divorce is final. However, there are many reasons you may want to update your estate plan now, during the divorce process.

As Forbes explains, your life can unexpectedly change before your divorce is finalized. You may get in an accident and become incapacitated, or you could pass away. Even though you are going through a divorce, you are still legally married. This means your spouse remains entitled to the assets and benefits in your estate planning, if you have not updated your plan. For example, he or she may serve as your health care proxy or power of attorney, which might not be something you want during your divorce. You may also want to name someone else as the executor of your will and prevent him or her from inheriting items that solely belong to you, such as an inheritance you received or family heirlooms.

It is a good idea to review your estate planning again after your divorce is finalized to ensure everything is up to date. This topic can be complex. Therefore, the information in this blog should not substitute for legal advice.

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