For many people in Ohio, dealing with estate planning can be an unwelcome and emotionally jarring task. Since it involves the distribution of assets among loved ones and forces people to think about their deaths, many individuals are relieved upon completing the task. In addition, many people believe that once they have developed a will and related documents, they have done all they need to do to protect the future of their family. However, due to changing family circumstances as well as changing laws, it can be very important for a person to regularly review and update his or her estate documents.
Problems can arise over the years when estate planning documents go for years without being reviewed since it could impact the desired distribution of assets. When reviewing or updating an estate plan, there are several key priorities to keep in mind. While every estate plan should include a will, an advanced medical directive and a financial power of attorney, a review by a lawyer every 10 years or after a major life event can help to ensure that the plans remain complete and effective.
The birth of additional children and grandchildren could lead to changes needing to be made to a will or other documents. One of the most common reasons that people revise their wills is to add new beneficiaries. It can also be important to keep an eye on the executor. If a person who is deceased or unavailable is named in the will, the probate court will choose and appoint a replacement administrator.
Keeping estate plans updated can also be important as the estate tax exemption and other legal changes continue to impact what could be the best decisions for one’s family and property. These changes could lead people to deal differently with significant parts of their estates. Working with an estate planning lawyer can help people protect the future of their family and property.
