The most important thing to know about estate planning after a divorce in Ohio is to take care of it as soon as possible. This is especially important if you already have an estate plan in place that needs revision to reflect the current circumstances. You never know what could happen: you could die suddenly or become incapacitated, and your outdated estate plan could grant privileges, powers or property to your ex-spouse that you do not want him or her to have.
According to Forbes, there are a number of decisions you will need to make during post-divorce estate planning. If you have minor children, some of the most important decisions you will make pertain to them. There are two specific areas you need to address in regard to minor children: guardianship and finances.
To prevent your ex-spouse from taking control over money meant for your children, you should put the assets you want them to have in a trust. As for guardianship, by default, the court will probably name your ex-spouse as guardian unless it determines him or her to be grossly unfit. However, if you have a legitimate reason for not wishing your ex-spouse to become the guardian of your children, you should name someone else in your will.
However, it is not only your children's care you need to worry about in your estate plan but your own as well. If you have a power of attorney or living will in place that names your ex-spouse as a financial or health care proxy, you should revise these immediately to name another trustworthy friend, family member or associate to act on your behalf instead.
Finally, you should review beneficiary information on your retirement plans and life insurance policy and update as required and allowed. Sometimes a divorce agreement will require that an ex-spouse remains the beneficiary of a life insurance policy.
The information in this article is not intended as legal advice but provided for educational purposes only.