If you have decided to file for divorce in Austin, TX, it makes sense for you to have a legal team by your side – consisting of a divorce attorney (to handle the divorce process), a financial advisor (to help you make the right financial decisions during and after the divorce), and a tax consultant (to advise you regarding the tax implications of your decisions).
Apart from this, you also need an Austin estate planning attorney, who can help you create an estate plan or modify your existing plan to help you better plan for the future. Here are four widely accepted reasons why it is important to add an estate planning lawyer to your legal team.
Modify Your Estate Plan After Divorce
If you have named your spouse as one of the beneficiaries in your estate plan, or if you have designated your spouse as the executor or the trustee, it is important to revise your estate plan after you get divorced.
The last thing you want is for your spouse to inherit a portion of your assets after getting their share of the marital property or for your spouse to have a say in how your assets get divided after your death. So, you need to get your estate plan revised as soon as you can after your divorce. This is one of the main reasons why you should have an Austin estate planning attorney in your team.
Revise Your Financial Power of Attorney
If you have granted financial power of attorney to your spouse, it is important to revoke it and designate someone else who can make financial decisions on your behalf if you become physically or mentally incapacitated. You can consult with your Austin estate planning attorney to make sure the person you choose meets the legal requirements under Texas law.
Revise Your Healthcare Power of Attorney
If you have granted healthcare power of attorney to your spouse, it is important to revoke it and designate someone else who can make healthcare decisions and implement your decisions regarding end-of-life treatments and organ donation.
During or after the divorce proceeding, it’s vital to carefully consider these legal finer points in your existing estate plan and make the required changes for a secure future for your inheritors.
Review The Guardianship For Your Children
If you have named your spouse as the guardian for your minor children or dependents with special needs, you need to revise it and name someone else who can take care of your children and other dependents in the event of your death. An experienced attorney can review your existing will or trust and give you professional advice regarding the necessary modifications or drawing up a completely new estate plan.
Need a Skilled Austin Estate Planning Attorney to Add to Your Team?
Attorney Eric M. Willie P.C. is an experienced estate planning attorney who can modify, update, and revise your estate plan after your divorce and make sure your ex-spouse does not have any legal right to interfere in the way your assets are divided and distributed after your death.
If you are about to file for divorce and need to know how your estate plan should be revised, call us today at 512-478-0834 or contact us online and schedule a free consultation with highly-rated Austin estate planning attorney Eric M. Willie P.C.