Changing Your Estate Plan in Ohio

It is also important to note that as a person's life changes, so should their estate plan.

2012-11-22

November 22, 2012 (Press-News.org) Changing your estate plan in Ohio

Estate planning is often a complicated issue filled with details and possibilities that are difficult to foresee. An estate plan should be reviewed regularly to ensure that it is accurate and up to date. It is also important to note that as a person's life changes, so should their estate plan.

Importance of updating an estate plan

Estate plans tell the court system how to deal with all of a person's assets and belongings once his or her time has passed. These assets are often extremely important to friends and family members, and can lead to a great deal of disagreement if there is not a proper estate plan in place.

To avoid potential conflicts and divide property according to the owner's wishes, having a clear and up-to-date estate plan is essential. Making regular updates is essential, since an accident may happen at any time and could leave loved ones cut out of an inheritance if the estate plan is out of date.

Events that require a change

Several life events in particular should prompt people to look at their estate plans and make proper changes. Two such events include marriage and divorce. When people add a new spouse to their lives, or remove a previous spouse, their estate plans should accurately reflect those changes.

Purchasing or refinancing a home, as well as creating new accounts, are also events that require a change to the estate plan. In many cases, real estate should be placed in a trust in order to receive all possible benefits. The same applies to new accounts. Having these accounts properly noticed and written into assets may prove to be extremely beneficial in the future.

Lastly, when people have children, their estates must be modified. Having or adopting a child is an amazing experience. However, children may not get all of the assets that a parent or grandparent wants them to unless they are specifically mentioned in an estate plan. Making this change as soon as possible is the safest way to ensure that a child is taken care of in the event that unexpected circumstances arise.

Making the change

When a decision has been made to either create or update an estate plan, calling upon an experienced estate-planning lawyer in Ohio is the first step to make. These attorneys will take a detailed look at all of a person's assets and ask questions to make sure all angles are covered. They will then work to ensure that everything is written down and properly accounted for. Hiring an estate-planning attorney is advisable in order to ensure that estate will be transferred smoothly when the time comes.

Article provided by Baxter & Borowicz Co. LPA
Visit us at http://www.baxterandborowicz.com

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Changing Your Estate Plan in Ohio

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