Divorce after 50 – often called “gray divorce” – can significantly impact your estate and elder law plans. In Pennsylvania, where long-term care costs can average $12,000 per month, a divorce can complicate asset protection and estate planning.
At Sikov and Love, P.A., our Pittsburgh attorneys, serving clients since 1952, help you navigate these challenges to safeguard your future.
Why Update Your Estate Plan After Divorce?
A divorce significantly affects your estate plan. Pennsylvania law may revoke a former spouse’s benefits in a will, but other documents require manual updates to avoid unintended outcomes. Key reasons to revise include:
- Preventing a former spouse from inheriting or having control of assets
- Avoiding family disputes
- Adjusting for new tax laws or financial changes
- Protecting your current family structure
Life Changes Triggering Updates
Divorce affects multiple aspects of your estate plan:
- Beneficiary Designations: Update life insurance, retirement accounts, and payable-on-death accounts.
- Powers of Attorney: Replace a former spouse as your decision-maker.
- Trusts and Assets: Amend trusts or retitle property post-division.
Steps to Update Your Plan
- Review wills, trusts, and powers of attorney.
- Consult an experienced estate planning attorney.
- Discuss divorce-related changes in assets or family dynamics.
- Revise documents to align with current wishes and Pennsylvania law.