Nowadays, divorce is a common occurrence. In 2020, the National Center for Health Statistics reported 2.1 divorces per 1,000 in Texas.
If you have gone through a divorce and remarried, it is crucial to update your estate planning documents to reflect your changed circumstances. Failure to do so can lead to a nightmare scenario for your family in case of an unexpected accident or illness.
For example, suppose you become incapacitated, and your ex-spouse is listed as your agent under your health care power of attorney. In that case, they could make decisions about your health care, causing emotional distress to your family. Additionally, you have not updated the beneficiary designation of your 401(k) plan, and it still lists your ex-spouse. In that case, the assets will go to your ex-spouse, not to your current spouse or children.
To avoid such scenarios, updating your estate planning documents after a divorce is crucial. A qualified estate planning attorney can help you revise your estate plan and remove your ex-spouse as a beneficiary, trustee, or agent. This simple step can protect your family’s emotional and financial well-being and give you peace of mind knowing that your assets will go to the right people in case of any unforeseen events.
Compliments of the McGee Law Firm, Attorney Brandon McGee