Like many Ohio residents, you may understand the importance of having a will, but you might not have written yours yet. Perhaps you believe you are too young to start your estate planning, or the thought of creating your will may be uncomfortable. For whatever reason, it is never too early to write your will, and you should not think of it as unpleasant. If you do not have a plan in order, your wishes might not be carried out as you would like.
Ohio residents who find love a second time after divorcing should make sure that after they tie the knot with a new partner that they do not accidently disinherit their children from their previous marriage. Unfortunately, in some cases parents neglect crucial estate planning after a divorce that ends up cutting children out of some inheritances. To prevent this from happening, there are a number of steps you can take.
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 You never know what could happen: you could die suddenly or become incapacitated, and your outdated estate plan could grant privileges, powers or property to your ex-spouse that you do not want him or her to have.
Gray divorces are happening more often than the used to in Ohio. Older couples are deciding after decades of marriage that they wish to end their relationships, which leads to issues that younger couples do not really have to deal with. One of the biggest is managing retirement funds. Generally, the law says an equal split of assets and retirement is an asset, so it could mean trouble for you if you end up losing your retirement money at an older age.
After a divorce, you have many things you need to change and adjust with your estate plan. It is important to make sure that you do not forget anything. One thing you may overlook is your power of attorney. According to the National Caregiver Library, a power of attorney gives the person you name, the agent, the legal authority to make decisions for you if you cannot do it yourself.
Going through a divorce in Ohio can be troubling enough without having to face the possibility that you might die or suffer a serious physical incapacitation before your divorce is finalized. To make sure you maintain control over your assets until your divorce is completed, you can dictate what happens to them in a will. Some people may even wonder if they can go ahead and fully disinherit their spouses from receiving any assets. However, this is a move that could carry legal risk.
One of the most terrifying parts of divorcing your spouse in Ohio can be the reality that you are now alone, independent and in charge of taking care of yourself without the support from another person. While this thought may be a bit freeing at the same time, it will be critical that you begin planning for your future to give yourself the best chance at enjoying a successful and stress-free life. At Gregg R. Lewis, ESQ., we have helped many people who are dealing with a divorce to begin planning for their future in a manner that is organized and effective.
After a divorce in Ohio, one of the first things you need to do is change your estate plan. You want to remove your ex-spouse from the various aspects of your plan because you no longer want him or her to have control or decision-making power. It is very easy to overlook some items in your plan that need to be changed. It may help to make a list.
When creating an irrevocable trust, one of the things that probably drew you to it was the fact that it cannot be changed. However, that is not 100 percent true. You can change an irrevocable trust according to the Ohio Revised Code under specific circumstances. This can be good news if you have gotten a divorce and feel you need to make a change to a trust.
After a divorce, you probably knew to update your will and to make sure your beneficiaries on accounts were changed. However, there are a few other things you should also do as part of your estate planning updates after you have ended a marriage in Ohio.