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.
When you get divorced in Ohio, there are a lot of things you have to think about when it comes to preparing for your new single life. One of those should be an estate plan. The American Bar Association explains that an estate plan can help prepare for unexpected things. Now that you are no longer married, you cannot just rely on your spouse handling your affairs if you were to die. You need to plan ahead and ensure that your assets and your children are protected.
After you get divorce, you probably have many financial and personal things to contend with. However, one thing that may slip your mind is your estate plan. While there may be more pressing things to handle, you cannot forget to update your estate to reflect the changes in your personal life. You need to make changes as soon as you can and ensure your plan in properly filed according to Ohio law, so you can avoid some of the problems that can come from an outdated plan.
Updating your estate plan is on your to-do list after your Ohio divorce; you know your ex-spouse is not the one you want to name as your health care proxy or life insurance beneficiary. However, the two of you have a child together, and that complicates the issue. The legal team at the law office of Gregg R. Lewis, Esq. - Harry Lewis Co., LPA, often counsels divorced parents with minor children in estate planning matters.
After a divorce in Ohio, many people begin dating again and some get remarried. This typically means not only a new spouse but possibly stepchildren or more biological children. The addition of a new family can complicate the estate planning process. Even if changes were made after the divorce, more changes need to be made when the family structure changes.