Past posts on this blog detailed the importance of updating your estate plan throughout your life. This is especially true if you heeded the advice of estate planning experts in Ohio and drafted a will early on in your adult life.
Many come to us here at Kirner & Boldt Co., LPA asking exactly what life events should prompt a review of one’s estate plans. Divorce definitely ranks among them. Indeed, after ending your marriage, you may not want your ex-spouse to remain the primary beneficiary of your estate.
The effect of divorce on estate plans
Yet is this a legitimate concern? It depends. According to Section 2107.33 of Ohio’s Revised Code, if and when you choose to divorce, any provision of your will concerning your ex-spouse becomes invalid. This can include:
- Any disposition of property
- Any conferring of powers of appointment related to your estate
- Any nominations to roles involved in the administration of your estate
From a legal perspective, it would be as though your ex-spouse preceded you in death. Thus, if you do not update your will, any property bequeathed to them would become subject to the state’s intestate succession guidelines. If you wish those assets to go to another party in particular, then, you will need to update the terms of your will.
Addressing your ex-spouse’s role in your estate
Removing your ex-spouse from your estate plans may seem like a proverbial no-brained. Yet is that truly in yours (or more specifically, your beneficiaries’) best interests? If, for example, you have minor children, it may be wise to leave your ex-spouse as a trustee over their estate assets to ensure their proper management until your kids reach the age of majority.
You can find more information related to revising your estate plans by continuing to explore our site.