Typically, when people think of estate planning, they think of creating a plan for what will happen to their assets after they pass on. However, estate planning, in reality, is broader in scope than that. For example, when a major life event occurs, such as divorce or remarriage, one of the most important things a person can do is update their estate plan. Please continue reading and contact a dedicated Ohio remarriage protection lawyer from Krause Law to learn more about how we can assist you.
Sometimes, happily ever after doesn’t go as planned. Whether there has been a death or divorce, though it may not be at the top of your list, it is important to update your estate plan to reflect this major change. You can have confidence in your decision to turn to a seasoned Medina, Ohio estate planning lawyer from Krause Law to help you, each step of the way.
To start, when someone is married, he or she will typically have their spouse listed as the recipient of their estate in his or her Will and as at least one of their beneficiaries on retirement plans and life insurance. This means that his or her spouse will be in line to receive some, or all, of their assets upon death. For obvious reasons, after couples divorce, they often wish to change the recipients named in their Will, Trust, on retirement accounts, and life insurance policies so that the “ex” is no longer the recipient of their legacy. Instead, he or she may want to make the primary recipients of their assets and beneficiaries on their retirement plans and life insurance policies to be their children, family, relatives, or, if they remarry, and after thinking long and hard, a new spouse.
Further, if any Powers of Attorney are in place, you likely wouldn’t want your “ex” in charge of making critical financial decisions on your behalf. You must update your documents so that an adult child or children, family members, or new spouse, have this authority instead.
On a similar note, you’ll also likely want to remove your “ex” from any advance healthcare directive you may have established, as you probably wouldn’t want your “ex” making end-of-life healthcare decisions on your behalf.
Finally, as you may know, remarriage often carries a wide range of potential tax implications, and a seasoned remarriage protection lawyer can help assess your finances and develop tax strategies that may be beneficial to you and your family
The bottom line is that you never know what life is going to throw your way, and it’s important that you update your estate plan accordingly. Krause Law is proud to help clients in Medina County and throughout Ohio in updating their estate plans so they can get the peace of mind they deserve. Contact Krause Law for a free consultation so we can discuss your case and how to best update your estate plan.
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