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Creating an estate plan that specifies your wishes upon death or incapacitation is an essential step in protecting your family’s future. However, for it to be truly effective, you must also keep it up to date. Your documents should be reviewed periodically to ensure your estate planning goals are still properly represented. As you encounter different life events, there’s a good chance the will, trust, or power of attorney you signed several years ago will no longer reflect your current situation.

When Is It Time to Review & Revise Your Estate Planning Documents?

1. Change in Beneficiaries

Several changes can occur within your family dynamics that may prompt you to edit your estate plan. For example, should you get married or have children or grandchildren, it’s likely you’ll want to include these new family additions as beneficiaries.

You might also decide to name your spouse as the executor of your estate and/or power of attorney. If you’ve recently gotten a divorce or an original beneficiary has passed away, it’s important to remove them from your estate plan to prevent conflict or confusion and keep your assets from ending up in the wrong hands.

2. Moving to Another State

estate planningEach state has its own laws governing estate matters. As such, if you’re moving across state lines, it’s vital to have a local estate planning attorney look at your documents and make the necessary modifications so your wishes will still be honored.

Often, a will that’s valid in one state won’t be in another; some states have inheritance tax while others don’t, and only a few states allow transfer-on-death beneficiaries for real estate. If your forms aren’t compliant with your new state’s laws, it can cause a problem when it comes time to distribute your assets.

3. Increase or Decrease in Assets

A major change in the number of assets you own is another good reason to revise your estate plan. With an increase in assets, you’ll need to outline how you want the additional property to be distributed.

You may also want to explore strategies to minimize your estate tax and avoid probate. Similarly, a decrease in assets will affect how your property is divided among beneficiaries.

 

Whether you’re interested in establishing an estate plan or updating your current one, trust Lance S. Cox, Attorney At Law to help protect your legacy and loved ones. Backed by nearly 200 years of combined legal experience, he and his staff understand the importance of devising a flexible plan that accurately details your wishes and will stand up in court. They’re proud to provide comprehensive estate planning services to residents throughout the Cincinnati, OH area. Call (513) 528-6000 to schedule a consultation, or visit the law firm online for more information on how they can help secure your family’s future.

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