A new TD Wealth Survey has found that the prevalence of gray divorce or those couples above aged 50 deciding to split ways has important and complex implications for estate planning purposes.
Over 112 responses were gathered as part of this TD Wealth Survey and discovered that the rate of gray divorce has doubled since 1990 and is putting a big strain on retirement finances.
Getting divorced in older years can cause difficulties with family conflicts and how to untangle estate plans that were likely prepared together. You most likely had your partner listed as the primary beneficiary on all of your life insurance policies and retirement accounts, prompting an update, but it’s also a chance to think about the big picture and how this might influence your own retirement savings and long term care plans.
Some of the major decisions that must be addressed after a gray divorce include powers of attorney, the drafting of a new will, and determining appropriate Social Security benefits. On a yearly basis, it’s a good idea to discuss any major changes in your life that might have happened since you last updated your plan.
If you have recently gotten divorced from your longtime partner, it is imperative that you sit down with an experienced Michigan estate planning attorney to discuss how to restructure your estate plan in line with your individual needs. These issues can be complicated, and mistakes made can have far reaching ramifications. Schedule a consultation with a Michigan estate planning lawyer you can trust.