Because there are no guarantees in life, it’s never too early to write a will. Since your circumstances will inevitably change over time, though, it’s essential to review your estate planning and probate documents periodically. Here are a few major life events that may warrant changes to your will.
Review Estate Plans After These 5 Changes in Circumstances
1. Getting Married
If you made any estate plans before tying the knot, it’s critical to review them after so you can make the necessary modifications. In some states, for example, getting married voids a will, so it may be necessary to draft an entirely new one.
2. Having Children
With the arrival of every new family member, update your will, so it includes what the baby is entitled to upon your passing. This applies after both having and adopting children. You may also want to modify your will after gaining nieces, nephews, or grandchildren.
3. Getting Divorced
The state of Ohio will revoke your will upon finalizing a divorce. If something happens before you create a new one, the court will determine who gets what based on the laws of intestate succession.
4. Starting a Business
If you start a company, protect your family’s financial security—and your life’s work—in all eventualities by creating a business succession plan. Although the plan will be its own entity, doing so will likely call for modifications to your will.
5. Acquiring Real Estate
If you buy or inherit property—or any other significant asset—add it to the estate planning and probate documents right away. This will ensure the asset remains in the family.
For help drafting or modifying your estate planning and probate documents, turn to Ibold & O’Brien. Founded in Chardon, OH, in 1980, this full-service firm has provided comprehensive legal counsel for clients throughout Geauga County ever since. Whether you want to end your marriage, declare bankruptcy, or file a personal injury claim for medical malpractice, you can turn to them. To learn more about their estate planning and probate services, visit their website, and call (440) 285-3511 to schedule a consultation.