In Ohio, if my wife and I hold no community property and our children ( two each from former marriages) are the designated beneficiaries of our individual investment accounts, in the event of one spouse's death will the deceased's assets be transferred to the children or does the surviving spouse have claiming rights?
1 Answer from Attorneys
If you each name the other spouse as the designated beneficiaries of your investment accounts, on each of your death's, the account will be transferred to the surviving spouse. There are many other options beyond beneficiary designations for your investment accounts and other assets depending on what your ultimate goals are for your assets in the event of one or both of your deaths. With proper estate planning, you can provide for your spouse as well as all of your combined children upon either spouse's death. Please consult with an experienced estate planning attorney that can help determine the best plan for you and your family.