Life brings constant changes. With each change and milestone you experience, it’s best to review and update your estate plan as necessary. Remember, an effective estate plan reflects your current circumstances and the people in your life.
Getting married or divorced
Your spouse automatically gains certain rights to your estate in Ohio upon marriage. Similarly, divorce removes these rights. Outdated estate planning documents might still list your ex-spouse as a beneficiary or decision-maker when neither of you wants that. You may also want to update estate plans to include your new extended family.
Moving across state lines
Take note that each state maintains different estate laws. These may affect:
- Witnesses for a valid will
- Estate tax rules
- Power of attorney requirements
- Executor qualifications
Moving to or from Ohio requires reviewing your documents to ensure they remain valid and effective.
Purchasing a home
Buying a house or similar properties significantly changes your estate’s composition. You’ll want to specify how these assets transfer to beneficiaries or protect them through trusts. Adding a new home to your estate plan helps ensure your partner or family can continue living in the property after your death.
Welcoming young family members
The birth of children or grandchildren is a good time to update your estate plan. Consider adding guardianship provisions or adjusting asset distribution. Additionally, you may want to establish a trust for children under 18. This helps protect their inheritance from probate and creditors until they become adults.
Losing a loved one
The death of a beneficiary requires immediate estate plan updates. The same is true if your chosen executor passes away. You’ll need to select new representatives and potentially redistribute assets. Failure to update your estate plan after such deaths can lead to legal confusion later.
Looking ahead with peace of mind
Major life events can significantly impact how you want your assets distributed. Aside from these events, the rule of thumb is to review your estate plan every three to five years. It’s also ideal to consult a legal professional when doing so. This helps you ensure your estate plan continues to serve its purpose and provides peace of mind for your family’s future.
