Why One Should Not Postpone Post-Divorce Estate Planning

Attorney Joseph E. Balmer is head of the estate planning and probate department at Holzfaster, Cecil, McKnight & Mues and is one of only 17 attorneys in the Dayton, Ohio area to be certified specialist in estate planning and probate administration.

epwait.jpgMany individuals first think about estate planning when they get married. They realize that, at a minimum, they should have a will, general power of attorney and power of attorney for health care. They may later amend these documents due to life changes or changes in their financial position. However, one might be surprised to know that a recent survey by PNC Wealth Management disclosed that 30% of adults with financial assets of $500,000 or more did not have a will! A recent Harris Interactive survey of the general population found that 58% of all adults had no will. One might be even more surprised that if he or she had a will and became divorced, he or she may be no better off than if he or she had no will.

Fortunately, under Ohio law, if one is divorced, unless the will specifies otherwise, one’s ex-spouse is deemed to have predeceased the individual; and thus, will not inherit … Read More... “Why One Should Not Postpone Post-Divorce Estate Planning”

Estate Planning After Divorce, Statutory Protections Against The Ex-Spouse

After a termination of the marriage of a man and woman, the newly divorced man or woman often fails to consider reviewing and updating his or her estate planning documents a top priority. In the past, this sometimes resulted in unfortunate and unintended consequences. It is long-standing statutory law in the State of Ohio that if after executing a will, the individual executing the will is divorced, obtains a dissolution, has a marriage annulled or obtains a legal separation, any conveyance of property in the will to the former spouse or to a trust available to the former spouse or any nomination of the former spouse as executor, trustee, or guardian is revoked, unless the will expressly provides otherwise. However, until recently, Ohio statutory law did not address the effect of the termination of a marriage on previously executed designations of the ex-spouse as power of attorney, trust beneficiary, death beneficiary or joint property owner. For example, until recently, an ex-spouse named as beneficiary on a life insurance policy would still receive the insurance benefits unless the owner of the policy had changed the beneficiary designation after the marriage ended.

Many of those unintended and unwanted consequences have been corrected … Read More... “Estate Planning After Divorce, Statutory Protections Against The Ex-Spouse”