During a divorce, updating your will may be the last thing on your mind. However, there are multiple risks involved if your estate plan goes ignored. After a will and estate plan have been created, revisit them and make necessary revisions to reflect any major life changes that have occurred since the last update.
Addressing Important Financial Issues
There are many reasons to review and update your will and other estate planning documents during a divorce. The following are three reasons for revising your will that shouldn’t be overlooked.
- Prevent your ex-spouse from inheriting your assets – If your ex is currently named as a beneficiary in your will, he or she could benefit from your estate upon your death. This includes things like life insurance, valuables and personal effects.
- Someone you trust should be calling the shots – In the unfortunate event that you become incapacitated during your divorce, your soon-to-be ex could have a say so if he or she has power of attorney or is your executor. Ensure someone you trust holds that position.
- Your heirs are your top priority – An updated will can ensure that your heirs, and no one else, is taken care of should something tragic happen during divorce.
Your will and estate plan are the not documents that you should create and store away, never to be touched again. As the people in your life are always changing, so should your estate plan and will.
Let Us Handle It
Schedule a consultation with a McAllen probate lawyer to update your estate planning documents to properly reflect your current situation should anything happen during your divorce process. Barrera, Sanchez & Associates, P.C. will go over these documents carefully and will do what is necessary to ensure that this process is a smooth one.