Estate planning is for everyone – really! Not just for married folks. Not just for the wealthy. Estate planning for divorced individuals in Cincinnati, Ohio is just as important as when they were married. Sometimes, more so depending on whether there are minor children and/or the divorce was particularly acrimonious.
Considerations related to estate planning for divorced individuals in Cincinnati, Ohio include:
- If you had a will with your former spouse it needs to be updated. The reasons are, of course, self-evident.
- When married your financial affairs may have simply been taken over by your spouse. Once divorced you need to legally designate an individual to handle your financial affairs. If you don’t, and you become incapacitated or die, they could go through the court system. You don’t want that to happen, do you? Another difference in estate planning for divorced individuals vs. married couples.
- If you divorce AND have minor children, please update your plans for them, if not yourself. Estate planning for divorced individuals with minor children is so important. You might consider nominating a guardian and/or a trustee of the child’s estate. Why? Because, unless a guardian or trustee is named, your former spouse, as the surviving parent, will become the guardian of the child’s estate and inherited assets. Think about the various downsides of that situation. Maybe you already have a designated guardian but that person is related to your former spouse in some way. The potential issue there is if that individual will ensure your child spends ample time with your side of the family; your parents or siblings for example.
- In the stress and turmoil of a divorce don’t forget … estate planning for divorced individuals should include a review of named beneficiaries (often the former spouse) for life insurance policies, annuities, revocable and other trusts, health savings accounts, employment death benefits, IRA, Keogh, and other retirement accounts (including employer plans). If the Decree of Divorce or Dissolution permits changes, take the time to update them.
In summary, estate planning for divorced individuals in Cincinnati, Ohio often means updating existing legal documents but in some cases, it might mean creating brand new ones. Not taking any action shouldn’t be considered an option – especially if you have minor children. Yes, getting divorced can be extremely stressful and you might just wish it is all behind you. Understandable but don’t consider it 100% behind you until you take the necessary steps to make final arrangements and protect your loved ones and your hard-earned assets. Estate planning for divorced individuals is a great first step as you begin your new single life knowing you have done everything you can. Working with an estate planning attorney is the best way to ensure updates and additions are legal and will hold up if something happens to you.
For more information about estate planning please visit my website services page https://davidlefton.com/services/ or call me directly to schedule a consultation at 513-399-7526.