Ohio residents like you put time and effort into building up your estate. The estate plan is of equal importance and it makes sense that you prioritize it, too. After all, your estate plan determines how your estate gets handled after your death.
Because of that, you want to keep your estate plan up to date. You should review and update it whenever necessary. But is it necessary to change it after a divorce?
Reviewing your estate plan after major life changes
Forbes discusses several reasons to update your estate plan. Major life changes are a huge factor. In particular, changes to your family should always warrant a review of your estate plan. Why? Because they are your beneficiaries. You want to ensure that the right people benefit from your estate.
Deciding how to edit your plan
If you get a divorce, do you want your ex-spouse to have access to your assets? Do you want them to have a mention in your estate plan at all? For many people, divorcing a spouse means removing them from the estate plan entirely. This ensures they get none of your assets after your death. It also means they do not have a leg to stand on in the case of a will contest.
Some people do not want to entirely remove an ex-spouse, though. In rare cases, individuals may end their marriage on a good note. You may still want your ex-spouse to receive some or even all previous assets in the event of your death.
The most important part is to review your plan after divorce. This way, you can refresh yourself regarding where they already stood in your plan. You can make adjustments accordingly.
