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Review these elements of your estate plan when you divorce

On Behalf of | Apr 19, 2023 | Estate Planning |

Texas marriages fall apart for many different reasons, and when yours ends, you may feel much differently about your one-time partner than you did on the day you married. Because the relationship between you and your former spouse may undergo monumental change when your marriage ends, you may not want your ex to maintain control over your personal affairs.

For this reason, Yahoo Finance recommends revisiting your estate plan promptly once you know your marriage is ending. Even if your divorce is relatively amicable in nature, it still makes sense to review the following elements of your estate plan, among others.

Your beneficiary designations

You may not be able to alter all beneficiary designations you made when putting your plan together, but some may need updating. Otherwise, you run the risk of your former partner inheriting a significant chunk of your legacy, which you may not want after a breakup.

Your powers of attorney

If you gave your spouse power of attorney to handle your medical or personal affairs, you may want to revisit the part of your estate plan where you did so and update it as necessary. That way, your ex is not the one deciding what happens to you in the event that you suffer incapacitation.

Your insurance policies

You may share auto, health or homeowner’s insurance policies with your former partner,  but you need to revisit this after the end of a marriage. If you named your ex as the beneficiary on any life insurance policies, you may also want to update them accordingly after a split.

Some people also include trusts in their estate plans. If you did so and named your spouse as the trustee, this area of your plan may also warrant a second look.