All divorces can be emotionally and physically exhausting, but a High-Conflict Divorce comes with additional emotional stress and pain.
It’s easy for estate planning considerations to slip through the cracks during this process. However, if one’s estate plan is not addressed during or immediately after a divorce, particularly a high-conflict divorce, conflicts from the divorce can carry over and become estate conflicts. If you are dealing with a high-conflict divorce, it’s best to have a conversation with your estate planning expert ahead of time about the crucial steps to keep your assets protected and planned for.
Crucial Documents to Update After a High-Conflict Divorce.
Divorcees in this situation should turn their attention to three documents: their will, their trusts, and their healthcare directives.
Last Will and Testament: It’s common for the provisions of your will to change after a divorce. If your ex-spouse was designated as your fiduciary, you’ll likely want to select a new one to limit and even remove their control over your assets. If you have children with your divorced partner, it will be beneficial to specify precisely where assets will go after your death. Most divorcees choose to designate their children, siblings, or new spouse as their fiduciaries and beneficiaries post-divorce.
Power of Attorney: Upon divorce, individuals should update their powers of attorney and health care directives. Failing to remove an ex-spouse as a decision-maker can have unintended consequences, including your ex having authority to make crucial financial and healthcare decisions on your behalf.
Revocable and Irrevocable Trusts: You and your estate planning attorney should immediately amend your revocable trusts to update provisions that favor your ex-spouse. If you named your ex-spouse as trustee of your revocable trust, you will likely want to remove them and designate someone else. If your trust is irrevocable, you might get your spouse to agree to changes as part of your divorce negotiations.
When Should I Update My Estate Plan in a Divorce?
Some types of beneficiary designations can be changed before divorces are finalized, while others cannot. Examples of documents that cannot be updated while a divorce is pending include employee benefits such as life insurance, retirement accounts (like a 401k), and pensions. Other documents, however, can be changed during the divorce. You should check with your divorce attorney to determine which documents can be changed immediately.
Premier Estate Litigators in the State of Georgia
If you find yourself in a high-conflict estate dispute with a divorcing partner, Gaslowitz Frankel LLC are experts in estate litigation. When you contact our law office at 404.892.9797, you’ll be in touch with the premier fiduciary litigators for the state of Georgia.
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Gaslowitz Frankel LLC is the Southeast’s premier fiduciary litigation law firm. Our legal team specializes in all aspects of fiduciary disputes with over 30 years of experience representing individuals, executors, trustees, and more in complex fiduciary disputes involving wills, estates, and trusts.
