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A comprehensive estate plan will cover everything from the care of your pets to the distribution of your retirement accounts. Since your situation will inevitably change over time, though, it’s important to review these arrangements periodically and update them as needed. No estate plan is so comprehensive that it will never need modifying. While it’s wise to go over your arrangements with an estate planning and probate attorney regularly, you should review everything after specific changes in circumstances. 

3 Scenarios That Warrant an Estate Plan Review

1. When You Turn 70

If you have an IRA, 401(k) or another retirement plan that mandates distributions upon turning 70½, make sure to review its terms before they actually start. When you first opened the account, you should have filled out a beneficiary designation form, which determines who will receive the distributions in the event of your passing.

estate planning and probateSince you probably started the plan some time ago, though, the beneficiary whom you originally named may no longer be someone whom you wish to gift such funds. 

2. When You Change Your Marital Status 

Upon getting married or divorced, talk to an estate planning and probate attorney about how it might impact the arrangements you've made. In Ohio, for example, finalizing a divorce automatically revokes any bequests made to your spouse when you were married. As such, you’ll have to reassign their share of your estate to someone else or create a new, post-divorce will that specifically includes them as a beneficiary if you wish to keep the terms the way they were. 

3. When You Acquire a Significant Asset 

Whether you buy a home, receive an inheritance, or sell a business, it’s wise to review your estate plans. If you fail to add the newest asset to the arrangements, the state will end up distributing it as they see fit—and the judge may not necessarily give it to the same individual you would have. 

 

For help modifying existing arrangements—or creating new ones entirely—turn to the estate planning and probate team at Ibold & O’Brien. For nearly 40 years, this full-service firm has been counseling individuals and businesses throughout northeast Ohio. Practicing out of Chardon, their seasoned team is equipped to resolve all kinds of legal issues. To explore all their areas of focus, visit their website. To meet with an estate planning and probate attorney, call (440) 285-3511.

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