Following a divorce, or any other major event in your life that significantly changes your financial or family circumstances, it is important to revisit and update your estate plan. Your estate plan should provide a comprehensive and orderly plan for making medical and financial decisions if you are incapable of doing so for yourself and an accurate and cost-effective transfer of your property and assets to whom you choose, at the time you think is best and with as little conflict as possible.
We take the time to understand your situation and customize an estate plan that will protect your assets and carry out your wishes. Depending on how complex the financial and personal situation, your estate plan will consist of one or more of the following:
- A will that designates who will receive your probate assets upon your death. Most clients need a simple will to address the transfer of property to family members and possibly the naming of guardians for minor children.
- A trust created during your lifetime or upon your death to transfer assets while maintaining some ability to direct the use of those assets.
- A financial power of attorney authorizing one or more persons to act on your behalf with respect to your financial affairs.
- A Georgia Advance Directive for Health Care allowing you to specify your desires with respect to your health care and appoint a person to make those decisions for you if you are unable to make them for yourself.
For our clients who have recently divorced, we will also review all relevant beneficiary designations for assets that are transferred outside of your will (retirement plans, IRAs, and life insurance policies) to make sure that these assets will not automatically pass to a former spouse.
For our uncontested divorce clients, our goal is to have the necessary estate planning documents ready as soon as possible after their divorce is finalized.
For more information on Estate Planning, please visit our FAQ page.