You are ahead of many people if you have already written a will. When did you draft your will, and when was it last reviewed? Read below about how to update and check your will. Next, call our Trumbull County estate planning attorneys at the Law Office of John C. Grundy for assistance.
When Should You Review And Update Your Will?
The general rule is to review your critical legal documents every three to five years, including a will. Your estate planning lawyer in Trumbull County also should review your will when events, such as the following, happen:
- When a child is born or adopted
- After a marriage or divorce
- When someone named in the will dies
- When there is a change in the guardian, executor, or trustee
- When the value of what you own dramatically increases or decreases
- After federal or state tax law changes
- When you are near age 72 when you must take money out of your 401k or IRA
- After you move to another state
- After a critical medical diagnosis
- If you start a business
What Should You Review In Your Will
If you have yet to look at your will in several years, now is the perfect time to do so. You can do the following yourself by reviewing your heirs, guardians, trustees, and executors:
- Did you accidentally exclude anyone from the document?
- Do you have someone listed who should not be there?
- Did the circumstances of those named in the will change? For instance, the executor may have had a medical incident that has incapacitated them.
- Do you want to change how your assets are distributed to beneficiaries?
Relationship changes are the most common reason people need to update their will. Romantic relationships and family dynamics change over time. Maybe your once-favorite daughter no longer speaks to you. Or there has been a divorce. Whatever the reason, it is always wise to review all family and friends named in the will to determine if you still want them there.
If your will needs updating, you should make an appointment with your Trumbull County estate planning lawyer. They may draft a new will, or an addendum that is signed and witnessed, and added to the original will. However, if the will is valid and nothing has changed, it still is worth reviewing it to give you complete peace of mind.
If you want to alter anything, make sure your attorney handles it; the last thing you want is for your desired change to be invalid because legal protocols were not followed.
Contact A Trumbull County Estate Planning Attorney
Whether you live near the National Packard Museum or Trumbull Art Gallery in Trumbull County, Ohio, you should review your will every few years to see if anything should be updated. The Law Office of John C. Grundy has helped Trumbull County families with their estate planning needs for many years.
Our Ohio estate planning attorneys also serve Cortland, Akron, Youngstown, Niles, Warren, Kent, Newton Falls, and Aurora. Contact us today for help with your estate planning questions in Trumbull County.