Estate planning allows a Texas spouse to decide what will happen to his or her assets after passing. When a spouse passes away, his or her property will likely go to the living spouse. However, the widowed spouse may find it beneficial to then adjust his or her plans in order to match current circumstances. Life changes, including the death of a spouse, likely necessitate adjustments to plans.
Important decisions ahead
After the death of a loved one, the last thing a grieving spouse will want to do is think about estate plans. However, quick action is both prudent and necessary during this time. The first step will be to carefully review estate planning documents and assess current financial circumstances. Quick action also allows a spouse to take advantage of certain wealth transfer rules that allow for the transfer of some assets to other beneficiaries.
The surviving spouse may also take this time as an opportunity to change plans in accordance to new or expected legislative changes. Changes to estate taxes and other estate laws could affect current plans, and failure to adjust could result in financial loss and other complications. A widowed spouse can make changes that will protect both his or her interests as well as the interests of beneficiaries.
The first step
After the death of a spouse, it may be helpful to reach out to an experienced Texas estate planning attorney. This support can be especially useful during a time of grief and financial adjustments. By changing estate plans according to new circumstances, a widowed spouse can look to his or her future with confidence.