Gray divorce and estate planning have intertwined considerations that will most likely impact an adult child.
For long-term couples divorcing at 50 or older, their children may have long left the marital nest. While child custody, support or visitation may no longer be points of tension, they may still have to wrestle with the substantial assets they amassed together through the years.
Instead of focusing on the daunting task, ex-couples can strategize to relieve their adult child of potential burdens. They may use the critical financial information already on their hands from processing the divorce as an invaluable guide for estate planning, or managing their estate due to incapacity or death.
Estate planning amid gray divorce
Even if they might not have foreseen divorcing in their senior years, ex-couples can still turn their circumstances into productive means to help secure their adult child’s future.
Ex-couples can protect their estate wishes amid divorce by:
- Revisiting health directives and providing clear instructions of care
- Updating orderly transfers of assets, like bank and retirement accounts
- Adjusting powers of attorney, and designating new health or financial proxies
- Naming a guardian or inheritance representative, if their adult child has minor siblings
These advanced estate preparations aim to eliminate unwanted drama or guesswork among loved ones when either or both divorced parties have passed on.
A reimagined estate plan
More than passing on valuables, estate planning also allows ex-couples to leave their adult child with priceless values despite the divorce. It shows them that no one cannot put a price tag on how much parents do in their lifetime to keep their child’s future intact. But tackling estate planning in the context of gray divorce can be more challenging than usual. It will be wise if ex-couples work with an Ohio legal counsel to smoothly transition their family to the remaining days of their lives.