It is important that all Ohio residents seriously assess their needs for written estate plans. While many people may feel that they do not possess sufficient assets to justify the creation of estate planning documents, practically everyone can benefit from taking the time to consider just what may happen to their wealth and possessions if they pass away. Additionally, those who do have estate plans in place should consider what changes they may need to make to their existing testamentary documents when they go through significant life events like divorces.
It is not unusual for spouses to name each other the beneficiaries of their wills or to name each other proxies on their power of attorney documents. However, when spouses divorce, it may be necessary for them to change their documents to reflect the dissolution of their marriages. The failure to do so may result in ambiguity concerning the intentions of the decedent or individual who has become incapacitated.
Although Ohio law allows for the automatic withdrawal of an ex-spouse from their former partner’s estate planning documents, the removal of such a person from important documents can leave those documents with unclear or without sufficient information to establish the intentions of the creator.
An estate plan should be clear, but also capable of being updated to reflect the changing needs of its creator. In order to ensure that state laws have been followed, Ohio residents can get more information about estate planning to protect their interests in the event that their marriages end in divorce.