Going through a divorce requires couples to separate pretty much every aspect of their lives, but many forget that their estate plans and wills will need modification as well. Chances are, your will outlines what your ex-spouse will receive should you die, as well as outlining how he or she will handle any medical or financial decisions if you become impaired.
In Georgia, a divorce basically revokes an ex-spouse from a will, unless you designate that you still want that ex-spouse to be a beneficiary. However, it is best to start from scratch to avoid any potential issues.
Revising a will
Revising your will after a divorce is a good way to start over. If you and your ex have children together, you can ensure that they are still beneficiaries of your estate but that the ex-spouse is not. However, you may want to keep your ex as a beneficiary of some portions of your assets should you meet an untimely death and your children require care or access to their inheritance before they are 18.
Naming your children’s guardian
In most cases, divorced couples share some sort of custody of their children. In your new will following a divorce, you may want to name your ex as their guardian, unless you had full custody and did not want their mother or father to raise them. Instead, you may want to outline a guardian that is in the best interest of the children if living with your ex is not a good situation.
Revising your will after divorce requires you to think about potential issues that you may not have considered before. However, it is important to start fresh with estate planning without your former spouse.
Kevin Tharpe
Latest posts by Kevin Tharpe (see all)
- Risks of Failing to Title Your Home in Your Trust - September 18, 2024
