As Florida residents age, they may feel that they do not want to waste any more of their lives on things that do not bring them happiness and satisfaction. As a result, they may choose to end their unhappy marriages in efforts to find joy in another relationship or on their own. Of course, a gray divorce can seriously affect estate plans, so it is important to consider that issue.
A recent report indicated that gray divorce can increase the number of conflicts over estates. This information came from a survey that included 112 participants from estate planning and financial-related fields, and of those participants, two out of five indicated that family conflict in relation to estate plans increased after a gray divorce. It was unclear what the conflicts revolved around, however. A common cause of the conflict was a lack of communication between estate planners and family members regarding the plans.
Of course, a divorce later in life can affect retirement and related funds, which can, in turn, affect information in an estate plan. If individuals fail to update their estate plans after ending a marriage, the information could become outdated and lead to serious issues. When updating plans, parties may even need to consider using trusts or other planning tools in efforts to add more protection to their assets after a gray divorce.
Protecting wealth is often an important goal of estate planning, and when a major life change like divorce takes place, estate plans need to be reviewed. A lack of changes could create complications that put assets at risk and leave an estate option to litigation. As a result, Florida residents interested in protecting their assets or learning more about how their divorce may have affected their plans may wish to consult with experienced attorneys.
