You must look at Ohio law to determine how to manage your estate plan. Laws can differ from state to state, as each state has its own way of handling estate plans. Some things remains true throughout all states, though.
One of these things is when you need to change your estate plan. Is there any limitation set on when you can update? Are there any main reasons you should?
What time is best for an update?
Forbes lists some of the reasons you may have to update your estate plan. Many of them revolve around big changes in your life. You will want to update your plan around these times because it must reflect your most current point in life. After all, an estate plan referencing family members you are now estranged from will not do anyone any good.
There are no laws that determine when you should update your plan, either. This is up to your own personal judgment. But experts suggest examining your estate plan every 3 to 5 years even if there are no major life events to prompt it. This lets you review what you have written and see if it still applies to your life as it is in the current day.
Life events to look out for
Life events that merit a change can include:
- The death of a loved one
- Divorce or estrangement
- Marriage or re-marriage
- Childbirth or adoption
- Falling into debt
- Coming into a large sum of money
Changes to your financial and familial situation should have priority. Outside of that, you can use your best judgment to determine when the time for an update is ripe.