It is said that if there is one constant in this world, it is change. This certainly applies to your life in Cinncinati. Over the years, the may marry. have children, start a business, experience personal losses, or get a divorce. Each of these will likely affect your decisions related to your estate. Speaking specifically of divorce, such an event will almost certainly impact how and to who you would like your assets dispersed. Yet many go through a divorce and never update their estate plans.
If this happens, you might assume that the ex-spouse’s in such cases would still inherit assets according to the decedents’ wills. Yet this is not the case. State law takes into account the potential of you not updating your will immediately following your divorce. Section 2107.33 of Ohio’s Revised Code states that a divorce, annulment or legal separation effectively invalidates any of the following provisions related to your ex-spouse in your estate plan:
- Dispositions or appointments of property
- Powers created by or available from a trust instrument
- Provisions conferring general or special powers of appointment
- Nominations to the offices of trustee, executor or guardian
These provisions will remain in place, however, if there is language included in your will stating that they should not be invalidated in the event of a divorce. Why would you want to include such language? If you have young children who stand to inherit your assets, then you may want someone to manage them should you die before your kids reach the age of majority. Your ex-spouse may be best positioned to do this. Thus, you may want to make such a stipulation (or revision) to ensure that your kids’ financial well-being is secured.