Divorce can change your life completely, and its effects can last long after you get it finalized. In Ohio, not updating your estate plan after divorce might cause surprises. Your ex-spouse might still get your assets, even if you do not want that to happen. Learn Ohio’s laws and act to protect your wishes and make sure your assets go to the right people.
What happens to your will after your divorce?
Ohio law automatically revokes any provisions in your will that benefit your ex-spouse upon divorce. This means:
- The law considers that your ex-spouse died before you
- Any bequests to your ex-spouse are void
- Your ex-spouse can’t serve as your executor
However, this law only applies to wills. With other estate planning documents, your ex-spouse might still be your beneficiary. Ohio law outlines these provisions.
Can your ex-spouse still inherit through other means?
Yes, your ex-spouse might still inherit from you through your:
- Life insurance policies list beneficiaries who get the death benefit when you pass away
- Retirement accounts, like 401(k)s, IRAs, and pensions, skip probate and go straight to your named beneficiaries
- Joint bank accounts have rights of survivorship, so if one holder dies, the other holder inherits the funds
- Transfer-on-death designations let you name a beneficiary to get the assets when you die
These assets typically pass outside of your will. Your ex-spouse could still receive them if you haven’t updated the beneficiaries on these accounts. Reviewing and updating all your financial accounts and beneficiary designations after divorce is crucial.
How can you protect your assets and wishes?
You must update your estate plan after divorce to ensure your assets go where you want them to. Here’s what you can do:
- Review and revise your will
- Update beneficiary designations on all accounts
- Create or update your power of attorney
- Establish a living trust if appropriate
An attorney can help you understand Ohio’s laws and create an estate plan that voices your current wishes. They can spot potential issues you might not have seen and suggest solutions tailored to your situation. Proper planning lets you know that you can distribute your assets according to your desires and not based on outdated documents.