Although it’s wise to draft estate planning documents long before your family will need them, having a dated will that does not reflect your current wishes can be just as bad as not having one at all. For this reason, it’s wise to review your will periodically, as well as after every major life transition. Below, the legal team at Katzman, Logan, Halper and Bennett in Cincinnati, OH, shares a few scenarios that might warrant changes to your estate planning documents. 

3 Scenarios in Which to Update Your Will 

1. A Change in Your Family Dynamic 

You might want to modify the terms of a will after getting married or divorced or having children or grandchildren. Any change in the family dynamic calls for a review of all estate planning documents. It’s especially important for those with more complicated arrangements to keep their wills up to date. For example, if you have children with more than one person or marry someone who has kids with someone else, you will have to devise a fair way to allocate any assets under the new dynamic. 

2. A Change in Your Financial Situation 

Any positive or negative change in your net worth warrants a review of your will. This includes opening a small business, selling a company, receiving an inheritance, buying or selling a home, liquidating various assets, paying off sizable sums like student loans, and declaring bankruptcy. It’s also wise to look over any estate planning documents if you are promoted or enter a field with a lucrative career trajectory. 

3. A Change of Heart or Health 

It’s natural for relationships to change over time. People you wanted to leave assets to in your 20s or 30s might not be the same ones you wish to bequeath everything to in your 40s and 50s. Changes in physical health also call for a review of your will to ensure the medical power of attorney is someone you trust. Life is unpredictable, and it’s important to have up-to-date documents. 

If your family needs help with wills and trusts in the Cincinnati area, turn to Katzman, Logan, Halper and Bennett. This full-service firm is proud to provide unparalleled legal representation for clients throughout all of Hamilton County. In addition to estate planning, their areas of legal expertise include personal injury, business, employment, criminal, and family. Visit their website to explore the comprehensive services they provide, or call (513) 793-4400 to schedule an initial consultation.