Going through a high-asset divorce can be a complex and emotionally draining experience. One of the most critical aspects of this process is ensuring that your estate is protected and your legacy is preserved for future generations. In this blog post, we will discuss five essential estate planning tips for individuals facing a high-asset divorce in Ohio.
1. Update Your Will and Trust Documents
One of the first steps you should take when facing a high-asset divorce is to review and update your will and trust documents. This is important because your current documents may include provisions that are no longer applicable or desired after your divorce. For example, you may want to remove your spouse as a beneficiary or change the distribution of your assets. Additionally, updating your will and trust documents can help ensure that your estate is distributed according to your wishes and not the default rules of the state. For more information on updating your will and trust documents, visit the Ohio State Bar Association's website.
2. Reevaluate Your Powers of Attorney and Health Care Directives
During a high-asset divorce, it's essential to reevaluate your powers of attorney and health care directives. These documents allow you to appoint someone to make financial and medical decisions on your behalf if you become incapacitated. If your spouse is currently named as your agent, you may want to consider appointing someone else, such as a trusted friend or family member. For more information on powers of attorney and health care directives, visit the Nolo Legal Encyclopedia.
3. Review Your Beneficiary Designations
Many assets, such as life insurance policies, retirement accounts, and investment accounts, have beneficiary designations that determine who will receive the asset upon your death. It's crucial to review these designations during a high-asset divorce to ensure they align with your current wishes. If your spouse is listed as a beneficiary, you may want to update the designation to name a different individual or entity, such as a trust or charity. For more information on beneficiary designations, visit the Investopedia website.
4. Establish a Trust to Protect Your Assets
Establishing a trust can be an effective way to protect your assets during a high-asset divorce. A trust allows you to transfer ownership of your assets to a trustee, who then manages the assets for the benefit of your chosen beneficiaries. This can help shield your assets from potential creditors and provide you with more control over the distribution of your estate. There are various types of trusts available, so it's essential to consult with an experienced estate planning attorney to determine the best option for your situation.
5. Consult with an Experienced Estate Planning Attorney
Perhaps the most important tip when facing a high-asset divorce is to consult with an experienced estate planning attorney. A knowledgeable attorney can help you navigate the complex legal issues involved in preserving your legacy and ensure that your estate plan is updated to reflect your current wishes. At Friedman & Mirman Co., L.P.A., our team of skilled attorneys is dedicated to helping clients protect their legacies during high-asset divorces. Contact us today to schedule a consultation and learn more about our estate planning services.
In conclusion, preserving your legacy during a high-asset divorce requires careful planning and attention to detail. By following these tips and working with an experienced estate planning attorney, you can help ensure that your estate is protected and your wishes are honored for years to come.