Your ex-spouse (or soon-to-be ex-spouse) still may be in charge of your estate plan and assets even after you get divorced. This is why it is vitally important that you change your beneficiary designations on your bank accounts, retirement accounts, and life insurance policies, as well as update other estate planning documents to prevent your ex-spouse from inheriting your assets or acting in a fiduciary capacity over your medical or financial matters. By this point, you are shaking, as most people do when they realize this possibility, because now you know that your ex-spouse still may have that much control over you even after a divorce is finalized.

Estate planning is a general term used to describe the creation of certain documentation to maintain and control your financial and healthcare well-being. This could be as simple as a beneficiary designation with a bank account, retirement account, or life insurance policy. Or this can be when someone uses legal documents such as wills, powers of attorney, trusts, and advanced directives for health care to help protect their assets and ensure that their family is cared for following the individual’s death or incapacity.

The documents mentioned above typically are the last thing on one’s mind following a divorce, but that does not change the importance of these documents and what effect they may have going forward. A divorce does not automatically nullify the beneficiaries you previously listed on your accounts or estate planning documents. Although modifying beneficiary designations or updating wills, trusts, powers of attorney, trusts, and advanced directives for health care may feel like a daunting task after the often-grueling process of finalizing a divorce, it is important to tackle this assignment fairly soon following the completion of your divorce. To not act could be devastating.

For example, should you not update your estate planning documents and you become incapacitated after your divorce, your ex-spouse still may have authority over your medical and financial matters. In case of such incapacity, you would rather have someone you trust in such a position of responsibility, not your ex-spouse, especially if you just went through a less-than-amicable divorce.

If you do not amend your advanced directive for health care (this document names another to make medical decisions for you when you are unable to do so for yourself), your ex-spouse still may have the right to make life and death decisions concerning you, as well as may make decisions concerning your future healthcare needs.

If you do not amend your power of attorney (this document names another to make personal and financial decisions for you), your ex-spouse still may make decisions regarding your assets and finances and may have continued access to your financial accounts.

Should you pass away before you update the beneficiary designations on your bank accounts, retirement accounts, and life insurance policies, your ex-spouse still may stand to inherit your assets if they are listed as the beneficiary on your accounts.

Again, this could be the same person with whom you just completed a nasty separation. In most situations that is not the person you want to benefit from passing or to make decisions for you anymore.

In essence, after experiencing a divorce, you must reevaluate your estate plan. You need to update key components of this plan. This can be as simple as changing a beneficiary designation on your bank accounts, retirement accounts, and life insurance policies. What is more, you may need to amend your last will and testament or your trust. Lastly, you may need to create a new power of attorney and/or advanced directive for health care, naming someone you trust to be in such a position of responsibility over you, your assets, and your healthcare needs.

If you just went through a divorce in the past year (or if you have not looked at your estate planning documents since you were divorced), I encourage you to schedule a complimentary consultation with one of our experienced estate planning attorneys at Brown, Barbour, & Thrailkill, P.C. to discuss what steps you may need to take concerning your estate plan post-divorce. Call today at (770) 461-2025 to schedule a free consultation regarding your estate planning needs.

Divorce Over 50, What Everyone Needs to Know

If you are thinking about getting a divorce and you are fifty (50) years of age or older, you must consider a number of things before you go through with it. Later-in-life divorce is not easy for anyone, but if you go into it already possessing all of the knowledge you can acquire, you will be better prepared for the road ahead. With such knowledge, you will be armed with the information necessary to navigate an otherwise difficult process for your unique circumstances. Divorce is tough on people of all ages, but it can be even tougher for people age 50 and up for several reasons.

First and foremost, if you have lived with your spouse for decades, it can be harder to adjust to living alone and the newfound feelings of separation and loneliness. You may miss the companionship your spouse provided in social situations, as well as intimate ones. Do not worry; it happens to the best of us.

That being said, you can get through it. You need to give yourself time for your emotions to heal and time to adjust to all the changes you now will face. Many people come out stronger and feel better about themselves on the other side of their divorce.

Additionally, if one spouse has been out of the workforce for a while, re-entering it can be more challenging as an older adult. Even if you are able to secure a job, it may not pay as much as you would like (or need). In such a situation, you should consult with a career counselor to determine your strengths and possibly pursue educational opportunities before applying for jobs. You want to find the best fit for you and your new circumstances.

Next, divorce often comes with a heftier price tag than people may expect. Even when you have an amicable situation, you may spend thousands of dollars ironing out the details of the divorce and separation. Your financial situation often times is more delicate than one for a younger individual because you simply have more to lose than they do in a divorce.

Accordingly, it is best to speak with an experienced Georgia divorce attorney as soon as possible to know how your finances will be impacted. The more you prepare for a meeting with a lawyer, the more you will get out of the consultation. Gather all relevant financial paperwork pertaining to bank, savings, credit, investments, and retirement accounts ahead of time to streamline the process. The more information that you can provide to an attorney, the more detailed of an analysis the attorney can give to you about what to expect moving forward.

Finally, many people in their 50s or older will have children in their 20s and 30s. Do not think that your children will not be affected by your divorce just because they are not minors. Some adult children will accept your divorce right away, feeling relieved that the tension and fighting has stopped and that you are happier. Others, however, may refuse to visit until they work out their own feelings about the situation. As much as your later-in-life divorce won’t be easy for you, it probably will not be easy for your children either. It will take time for everyone to adjust to the changes. The same may apply to your grandchildren.

Just as your children may be impacted, many divorced people are shocked by changes in their friendships. Some friendships that have lasted for years suddenly end once you are divorced. Other friends might help you through the divorce, but may not be there for you when it is finished. Some of your friends are friends with both you and your spouse, and just like your children, do not want to have to choose between the two of you. By preparing for this shift, you can adapt to these changes better. Also, you can meet new people through social groups that are not always focused on divorce. You will make new friends who can help you through a different part of life.

Divorce does not mean that your life is over. You can find a new way of living after divorce. You just need to be as prepared as you can.

An experienced and compassionate Georgia divorce attorney can assist you in the process. Call today at (770) 461-2025 to schedule a free consultation regarding your divorce matter. The divorce attorneys at Brown, Barbour, & Thrailkill, P.C. will help you find the best solution for your needs.