Have you recently gone through a divorce later in life? A gray divorce, one that occurs after the age of 50, brings significant life changes and your Florida estate plan should reflect your new circumstances. Whether your goals have shifted, your assets have changed, or your beneficiaries need updating, reviewing your estate plan is a crucial step in securing your future.
At Britton G. Swank, P.A., we often see individuals navigating the complexities of estate planning post-divorce. Many do not realize that the documents they created while married may no longer align with their wishes, leaving unintended consequences for their loved ones.
One of the most immediate concerns after a gray divorce is updating your last will and testament or trust agreement. If your former spouse was previously set to inherit assets or serve as your executor or trustee, you may need to make revisions to ensure that your estate is distributed according to your current wishes. Beneficiary designations on retirement accounts, life insurance policies, and payable-on-death accounts should also be carefully reviewed, as these often override the instructions in your will or trust.
Another critical consideration is updating your health care planning tools and financial powers of attorney. Many married couples name each other as their primary decision-makers in the event of incapacity. After a divorce, you may want to designate a trusted family member, friend, or professional to handle your medical and financial affairs if you are unable to do so. Keeping outdated documents in place could result in an ex-spouse retaining control over these important decisions.
Dividing assets in a divorce can also impact long-term care planning and Medicaid eligibility. If your financial situation has changed, you may need to revisit your strategy for protecting your assets and make certain that you qualify for benefits should you need them in the future. Failing to update your estate plan could leave you unprepared for the costs of aging and long-term care.
Going through a gray divorce can be overwhelming, but taking the time to review and update your Florida estate plan ensures that your future remains secure. Whether you need to adjust your beneficiaries, update decision-makers, or protect your assets, making these changes now can help you move forward with confidence.
We know this article may raise more questions than it answers. At Britton G. Swank, P.A., our mission is to guide you in the right direction to help you provide for yourself and your loved ones no matter what the future holds. We want to help you control the assets you have, leave them to people and causes you care about, when you want, in the way you want. We can help you take care of yourself and those you love in the event of disability due to illness, injury, or old age. No matter what risks unfold, we can help give you the comfort of knowing you are prepared. We want you to feel good about your future and the future of your loved ones. We encourage you to contact us and schedule a meeting.