Starting again after divorce involves quite a bit of planning and logistics. You must rebuild your life from scratch as you learn how to live independently again.
With everything going on, it can be easy to forget to update your estate plan. However, your estate plan requires a thorough review after your divorce is finalized.
Updating your will
One of the first items to take care of is updating your will. When updating your will, you generally need to revoke your existing will first.
Although Ohio law automatically revokes any provisions in your will that favor an ex-spouse upon divorce, it is still a good idea to revoke your old will to avoid any confusion or complications.
Once you have revoked your old will, you should have a new will drafted to reflect your new wishes. This can include appointing a new executor and changing your beneficiary designations.
Make sure to follow all legal requirements for drafting a new will, such as signing it in the presence of two witnesses.
Review and update any other documents that make up your estate plan, such as powers of attorney or beneficiary designations on accounts that are not included in your will. Certain insurance plans or bank accounts could have specific beneficiary designations.
Reviewing guardianship provisions
If you have minor children, your will should include who you want to become their guardian if both parents pass away. Typically, a surviving parent takes custody if one parent passes away. Review any custody orders from your divorce and determine if any guardianship provisions in your will need to be updated.
Failing to update your estate plan after divorce can lead to unintended and negative consequences.
For example, if your estate plan included a power of attorney, your ex-spouse could be the one responsible for making major medial or financial situations on your behalf.
This is just one reason that it is wise to update your estate plan as soon as possible after divorce so it accurately reflects your new wishes.