How to Update Your Estate Plan After a Divorce
Ohio probate law will automatically revoke your ex-spouse's right-to-inheritance upon execution of a legal divorce. However, bear in mind that many of the documents in your estate plan will need to be updated by an estate planning attorney as soon as possible. However, before doing so, you should have a basic background on what needs to get done.
Your Guide to Estate Planning Post-Divorce
1. Last Will & Testament
A person's last will and testament is protected by the automatic revocation rules upon entry of annulment or divorce. The decree entered is meant to fully settle the property rights of both parties by withdrawing all bequests. The only exception is if the property is part of the divorce settlement. Administrator designations, appointed during estate planning, are also terminated which means that someone else will need to be nominated to carry out your final wishes.
2. Revocable Living Trusts
If you and your ex-spouse were legally divorced before you had the opportunity to update your estate planning trusts, Ohio law has a solution in place. Your ex-spouse will be treated as if they died before you while all property passes to your successor beneficiaries. Your ex-spouse will also be automatically removed as a trustee and will have no power to manage your estate plan.
3. Power of Attorney
Your ex-spouse's power of attorney will be revoked as well. This means that they will not be able to make decisions for you or your estate in the event of incapacitation. While it's comforting to know that your ex-spouse cannot decide your fate or manage your estate planning affairs, it's wise to name a replacement in the event that an unfortunate incident does occur.
Updating your estate plan after a divorce requires a strong command of estate planning law. When you need an attorney who has an expertise in Ohio law, contact Dennis P. Faller, Attorney at Law. He has been serving Auglaize County, OH, residents since 1979. You can request a consultation with his office by calling (419) 738-4578 or by visiting his website.
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