If you’re going through a divorce, you need to talk to a Dallas estate planning attorney.
We know – the last thing you want to do is spend more time with a lawyer. But if you and your soon-to-be former spouse created estate plans during your marriage, you’ll likely need to make a few revisions.
Under Texas law, once your divorce is finalized, any provisions that pertain to or involve your ex-spouse will be automatically revoked. Below, the experienced estate planning attorneys at Schulz & Kellar take a closer look at the impact a divorce will have on your estate plan.
After getting a divorce in Texas, your ex-spouse will no longer have the right to act as your executor. In addition, any provisions that benefit your ex or their relatives will be revoked. As such, you need a lawyer to review and revise your estate plan.
When your divorce is final, your former spouse will no longer be named as your agent for financial or medical matters – those designations are automatically rescinded. To update your powers of attorney documents, meet with an estate planning lawyer.
With a revocable living trust, the document should spell out the effect of a divorce. Whether the trust is to remain intact or the rights of your ex-spouse are to be revoked, a Dallas estate planning attorney can help you make any desired changes.
In Texas, a divorce eliminates your former spouse as a beneficiary of your life insurance policy. Your insurer can change the beneficiary designations, but an estate planning lawyer can help if you want to have the policy placed in a trust.
Your lawyer will need to know about all of your assets to make recommendations regarding your estate plan. Provide a copy of your divorce decree, as the section on the division of marital property should contain a list of your property and financial accounts.
In addition, you should consider meeting with a lawyer sooner rather than later. You want your assets to be distributed according to your wishes when you pass away – and no one can predict when that will happen. Make sure your affairs are in order now, and you’ll have the peace of mind you need.
If your marriage is coming to an end and you’re ready to update your estate plan, turn to the experienced professionals at Schultz & Kellar. Our estate planning lawyers have extensive experience reviewing and revising estate plan documents for recently divorced Dallas residents, and we can make the necessary changes to protect your future.