Estate Planning After Divorce: Divorce Changes Your Family. Does It Change Your Estate Plan? What Georgians Should Review

National Estate Planning Awareness Week is October 19th through the 25th this year. As we recognize the importance of estate planning, we also need to think about what happens when life changes. As a divorce lawyer in Gwinnett County, Attorney Sharon Jackson LLC can help you make decisions right for your future. Estate planning after divorce in Georgia is an important way to protect your future and your loved ones'.

Estate Planning During Divorce in Georgia

October 19th marks the start of National Estate Planning Week. It is the perfect time to talk about the importance of estate planning and how it affects your life and your loved ones. If you do not have an estate plan yet, our sister firm, Live Well Lived Law Group, can help you start the estate planning process. If you're navigating divorce and estate planning in Georgia, call us for a consultation.

Following are some guidelines for divorce and estate planning in Georgia.

Review the Plan While the Divorce Is Pending

Estate planning during divorce in Georgia benefits everyone involved. Make sure you review who is named in your will and who is the power of attorney. Review:

• All documents related to your will and estate plan
• All trusts
• Beneficiary forms

Before you change any of the assets or beneficiaries, make sure to check the orders in your divorce case with your attorney. Our Georgia family law attorney will guide you through this process, ensuring you fully understand the requirements.

What a Georgia Divorce Does to a Will

Updating your will should be a priority throughout the divorce process. Under O.C.G.A. § 53-4-49, divorce generally revokes the provisions in a will as they apply to a former spouse. The law treats the spouse as having died before the testator. Keep in mind, it does not rewrite the rest of the will to reflect your new wishes.

Update the Decision Makers in Your Life

One of the most important reasons to focus on estate planning after divorce in Georgia is to make clear changes to who makes decisions for you. The person you previously named may no longer be the person you trust to make critical, life-and-death decisions for you. Decide who you trust to:

• Manage finances for you if you cannot do so
• Make medical decisions in situations where you cannot
• Review any other roles you gave to your former spouse now to ensure you reassign those roles

Make sure you understand who can make critical decisions for you.

Check Every Beneficiary Designation

The next step in Georgia divorce and estate planning is to update your beneficiaries. These are the people who will receive the funds from the plan or policy should it pay out at the time of your death. You likely have beneficiaries listed on:

• Life insurance policies
• Retirement accounts
• Payable-on-death accounts

Contact each of these providers directly. Inform them of your divorce. Then, make adjustments based on who you want to receive these funds. Do not assume that revising your will or the divorce decree itself will make changes to these financial documents. Call the providers directly to process that information.

Plan Carefully for Children

Updating a will after divorce in Georgia lets you stay in control of what happens to your children. Now is a good time to review your decisions regarding your family members and other heirs. Make adjustments to guardian nominations if you feel the need. You may also want to consider inheritance provisions. Who will manage these accounts? Who will manage any of your minor child's assets if you cannot do so?

Work with your attorney to distinguish control of an inheritance from parental custody. You do not want the court to simply assume the other parent should control your child's inheritance. Review various strategies as they impact your case.

Make a Coordinated Plan After the Divorce Is Final

Once your divorce decree is finalized by the court, make an effort to revisit your will, estate plan, and other documents to determine if they align. Your estate documents should align with the assets and decisions you made for your divorce. Make sure to go through all account forms to ensure they carry out your wishes and meet any continuing obligations ordered by the court for you to manage.

You Have Big Decisions to Make, and We Can Help You

At Attorney Sharon Jackson LLC, we believe in empowering you to take control over your future after divorce. To do that, you need to have control over your will and estate plan. " We provide friendly, personalized attention as you navigate through these stressful and uncertain situations. We take the time to listen to your story and to explain your legal rights," states Attorney Jackson.

Meet with our Georgia family law attorneys. Our Metro Atlanta divorce attorneys are the advocate you need by your side. Contact us at (678) 436-3636 now for a consultation.

FAQs @ Divorce and Estate Planning

Should I redo my will after a divorce?
In most situations, you should rewrite or update the majority of your will after your divorce. Updating a will after divorce in Georgia ensures the court has clear guidelines to follow should something happen to you. If you do not do so, it could jeopardize your hard work.

What benefits should I update after divorce?
Working with an estate planning attorney helps to clarify these decisions. However, consider changes to your POD/TOD accounts, IRAs, life insurance policies, and pensions. Do not overlook the benefits you receive through your employment, such as employer-paid life insurance.

Should I wait to update my will and estate plan until after my divorce?
In the ideal situation, you update it now before the divorce finalizes. However, it is common for people who are at risk to create a temporary will that will redirect their assets if you die while the divorce is in the process but not yet finalized.