Having an Estate Plan in place is a wonderful thing. It allows you to have a say in what happens to your estate and assets after you die. It is also the best way to protect your children by electing who will raise them if you were to pass away. However, creating your Estate Plan is not always the end of the line. We all know things change in life, and your Estate Plan should change along with it.
It is important to keep your Estate Plan updated to reflect your current wishes. Here are 7 times when you will need to update your Estate Plan:
You’ve recently gotten divorced. This is the one that people most often think about. If you have gotten divorced from someone listed in your Estate Plan - or even if you are currently in the middle of the process of getting divorced - you want to take them off of your Estate Plan as soon as possible.
You’ve recently gotten married. Congratulations! If you’ve recently gotten married, whether it’s the first time or the fourth, you want to update your Estate Plan to reflect that. Make sure your spouse is legally protected and included in your Estate Plan!
You’ve recently moved to another state. All states have different rules regarding Estate Plans. This is why if someone dies without an Estate Plan in place, their estate is handled in Probate court specifically within the state they lived in. If you have moved states, there are likely aspects of your Estate Plan that will need to be altered.
Your possessions have changed in a major way. For instance, if you left someone a business or a home that you no longer own. If you are specifying possessions within your estate, you’ll need to update your Estate Plan accordingly.
There’s been a death in the family. If someone included in your Estate Plan has passed away, you want to change your Plan to avoid confusion.
There have been new additions to the family! If you have new children in your family, through birth, adoption, or marriage, it is important that your Estate Plan reflects that. You wouldn’t want one of your children to be left out or have to contest your Estate Plan in order to receive a portion of your estate.
Relationships have changed in a major way. If you have a new guardian you want to assign for your children, or you’ve left something to a friend you are no longer close to, you want to update your Estate Plan. We know that things change all the time and your Estate Plan should reflect that, not just stay static.
If you need to update your Estate Plan, contact Charles Tyler, Sr., Esq. Attorney and Counselor At Law today. We are your caring and committed Ohio law firm, and we can’t wait to hear from you!