After a divorce, it becomes critical to change various aspects of your life. With so many changes, estate planning often becomes an oversight. Yet, once your divorce is final, you likely want to make changes to who can make decisions for you and what happens to your assets. Divorce and estate planning in Georgia go hand-in-hand.
Divorce plays a role in every facet of your life and the decisions you make going forward. For many people, that is a good thing as it opens the door to new opportunities. However, you need to understand how divorce and estate planning in Georgia go hand-in-hand.
Georgia law automatically revokes certain provisions from a former spouse. For example, once your divorce is finalized, the former spouse listed on your will or other beneficiary designations is no longer considered valid. Additionally, the former spouse no longer has powers of attorney if you previously gave them that right. They no longer have an automatic ability to make decisions for you as they are no longer considered your next of kin.
However, you should not rely just on automatic revocation. In some situations, it is not enough to protect your assets, and it can become a concern even years later. Instead, work with an estate planning and divorce lawyer in Gwinnett County who can help you navigate both areas with confidence. There are several places to focus your attention.
One of the first steps to take is to update your will after a divorce in Georgia. Your will provides instruction and guidance after your death. It can document your wishes, including where assets go. When updating your will after divorce, focus on:
If you take these steps, you prevent unintended inheritance going to an ex-spouse. If you do not make these decisions, and for some reason the automatic revocation does not take place, such as due to language in your will, your family is left unable to help.
Changing beneficiaries after divorce in Georgia is a straightforward process. You simply have to update your will to reflect your desired outcomes.
You also need to modify other legally binding documents that make up your estate plan. Both wills and trusts after divorce in Georgia should be updated to reflect the new beneficiaries and decision-makers.
If you have a revocable living trust in place, update that as well now that your divorce is finalized. This becomes necessary especially when your marital property division has changed your assets, and the trust assets are no longer clear. For example, if your estate plan contains an objective to leave $500,000 to each of your children, but those assets were considered marital property and divided during your divorce, an update becomes necessary.
You also need to update any other documents that list beneficiaries. This is the party that receives the benefits, such as assets, after you pass away. Look at all components of your Georgia divorce and estate plan, including:
Suppose you have your spouse listed as the beneficiary, and the automatic revocation takes effect without an update from you. In that case, the assets become part of your overall estate and are divided according to court laws.
The state’s automatic revocation law will revoke provisions for your spouse in your will, but it does not automatically revoke beneficiary designations for any type of non-probate asset you have. You must do this yourself or work with your attorney to do so.
One of the most significant estate planning mistakes during divorce in Georgia is this one. Removing your ex-spouse from financial and medical decision-making roles provides you with the necessary protections. You need to appoint new and trusted individuals whom you know will act as you desire. If you do not have one, ask your lawyer about powers of attorney after divorce in GA to determine who may be the ideal party to hold this title.
Do not overlook your child either. Plan for minor children, especially in blended families. Be sure that any previous decisions regarding minor or dependent children are carefully outlined in the new scenario. This often means naming new guardians and structuring your trust to protect their inheritance. A child's inheritance after divorce in Georgia may be drastically different from what you initially planned.
Update your estate plan during the divorce process or immediately after the divorce is filed. Do not wait until it is finalized to make these decisions. You want to control these decisions now, not later. Note that temporary orders in divorce may restrict the changing of beneficiaries until a final decree is issued.
Hiring an estate planning and divorce attorney in Georgia allows you to make better decisions about your future with less overall risk. Contact Georgia Family Law Attorney Sharron Jackson LLC now to discuss your needs and let us put a plan in place to protect your future. Call (678) 841-8136 now.
A divorce does not automatically revoke the entire will. Rather, it will result in the former spouse being treated as if they had predeceased the testator. More so, you must still make changes to critical areas of your estate.
If you and your spouse created a will during your marriage, and that no longer applies or should not apply, change your will. The divorce does not cancel out all components of the will, and that means you should modify it to match your current needs.
Create a will that lists your child as the beneficiary and protects those assets from being claimed otherwise.
Attorney Sharon Jackson LLC
175 Langley Drive, Suite A1
Lawrenceville, GA 30046
Phone: (678) 909-4100
