An estate plan helps to ensure you and your family are ready for the future. Every adult should have a personalized estate plan in place. Of course, life brings change. The estate plan you set up ten years ago may no longer be effective.
This raises an important question: When should I have my estate plan reviewed? The short answer is that an estate plan should be reviewed every few years and after major life events. Here, our Trumbull County estate planning attorney provides a more detailed overview of how often your estate plan should be reviewed in Ohio.
Too Many People Lack an Up-to-Date Estate Plan
An alarmingly high percentage of American adults do not have a comprehensive estate plan in place. The AARP reports that as many as 6 in 10 people nationwide lack an adequate estate plan. Beyond that, a significant share of the people who have set up an estate plan have not had it reviewed or revised in many years. An outdated estate plan may not be all that much better than not having an estate plan at all.
An Estate Plan Should Be Reviewed Every Few Years
The general rule is that you should have your estate plan reviewed every few years. By doing so, you will be able to confirm that the estate plan that you have set up is still the one that works best to protect your family and achieve your goals. To be clear, you do not necessarily have to make changes to your estate plan every few years. It is simply a best practice to have your estate plan reviewed so that it can be revised if needed.
Be Ready to Review and Revise Your Estate Plan After Major Life Events
Beyond reviewing your estate plan every few years as a matter of practice, you should also have your estate plan reviewed after major life events. If your life recently changed in a significant way, it is a good time to set up a meeting with an estate planning lawyer. Some of the most common examples of major life events for the purposes of estate planning include:
- A marriage
- A divorce
- Birth of a child
- Adoption of a child
- Birth of a grandchild
- Significant health change to you or a family member
- Inheritance of money or property
- Other significant changes to your financial situation
One of the best things about setting up a comprehensive estate plan is that your plan can be reviewed and revised without great difficulty or expense. An Ohio lawyer can sit down with you and help you determine the right course of action.
Call Our Ohio Estate Planning Lawyer for Immediate Help
At The Law Office of John C. Grundy, our Cortland estate planning attorney is a diligent, trustworthy advocate for people and families. We can review your estate plan to ensure that it still provides protection. Contact us now for a confidential consultation. Our law firm provides estate planning services throughout Trumbull County, including in Cortland, Warren, Niles, Youngstown, Girard, Hubbard, McDonald, and Newton Falls.