Post Divorce Estate Planning To Do List

divorce and estate planning

Wills are important to express your desires in the event of your untimely death. It is especially important to have one if you have accumulated a great deal of wealth. Although drawing up a will is not the most pleasant subject to think about, you will have to go through the process at least once. However, if you have recently divorced, you will need to go through it again in order to make some necessary changes.  In Georgia, a divorce or annulment can result in the former spouse being treated as if the former spouse pre-deceased the testator – possibly resulting in significant unintended consequences.

Effects of Divorce

A divorce changes everything. Unless your pre-nuptial agreement kept your assets and fortunes intact, these are likely to have been divided in the divorce. You must now re-consider your will and modify it in light of your changed circumstances.

An Atlanta estate planning attorney can help you sort things out. One of the main duties of an Atlanta estate planning lawyer is to point out to you those areas that are most affected by your divorce. It is always a good idea to have a skilled attorney help you, so you can avoid making mistakes later.

Trusts 

If you have established trusts for your children or step children and you gave your former spouse a significant role in overseeing their execution, you should probably re-visit that decision. You may have established a strong bond with the children brought into the marriage by your former spouse. Making an independent party an executor of the trust you set up for them will ensure they get the money instead of your ex.

End of life care

Your former spouse may be the last person you want making decisions on your behalf should you become too ill to do so. An estate planning attorney Atlanta citizens can depend on will help you modify any legally-binding instructions that you have set down in the event that you are incapacitated.