Gray divorce refers to a divorce that happens later in life, often after the couple’s children are grown and gone. A gray divorce commonly involves significant financial assets and tax implications, all of which can impact various aspects of your estate plan.
If you recently went through a gray divorce, you should speak with an elder law attorney who can evaluate how this impacts your finances, the value of your assets, plans for retirement, long-term care, and other aspects integral to your estate plan. A lawyer can provide support whether you are updating your estate plan or creating one for the first time.
While issues like child custody, visitation, or support may no longer be an issue when a gray divorce occurs, one of the most significant legal impacts may involve your estate plan. Family concerns such as caretaking responsibilities and the distribution of real and personal property to heirs are vital considerations that may evolve in the aftermath of a gray divorce.
Your assets may look different following divorce and require certain changes to your estate planning documents. This will ensure all your current assets are included in your estate plan and that these assets are distributed according to your current wishes.
If you previously named your former spouse in various estate planning documents, whether as your beneficiary, executor, or otherwise, that stance may have changed since your divorce. The need to reconsider prior designations about who will make decisions concerning your long-term care if you are ill or incapacitated is another way gray divorce can impact your estate planning.
An attorney can discuss your current and future needs to determine what changes must be made to your estate plan or how to approach constructing your estate plan if you have not started one yet. You may need to change beneficiaries, create a new Will, or amend an existing Trust.
For example, Trusts can provide significant flexibility in asset management and are frequently used by couples to minimize taxes and avoid probate. Following divorce proceedings, an existing Trust may need to be dissolved or altered to account for the present circumstances.
You may need to revisit what individuals have the authority to make financial and medical decisions on your behalf in the event of an emergency. Failing to do so could allow your former spouse to retain control if you are incapacitated, leading to decisions that may look different than what you would want.
New provisions may need to be made as gray divorce often impacts adult children and other intended heirs. Addressing life insurance policies, navigating social security and pension benefits, and updating orderly transfers of retirement benefits are other key estate planning tasks you may need to address after a gray divorce.
Many people delay estate planning for various reasons, and divorce often presents an opportunity to consider what matters to you while creating a cohesive plan for the future. From creating a new Will, designating different heirs, or executing a new power of attorney, these are just a handful of numerous possible considerations for your estate plan after a gray divorce.
An attorney can evaluate the scope of your assets and liabilities to determine the right estate plan for your needs. A lawyer can provide clarity to the complexities surrounding estate plans while ensuring all important legal documents are included to avoid unnecessary legal proceedings in the future. Reach out to Parks Zeigler today to get started.
With an office near Town Center, Virginia Beach and a second location beside the Chesapeake courthouse, our team provides quality legal representation across the entire Hampton Roads Area.
Parks Zeigler, PLLC – Attorneys At Law
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