When it comes to your estate plan, keeping your documents up-to-date is crucial. Many individuals create their estate plans, sign the necessary documents, and tuck them away, never to be revisited again. But, outdated estate planning documents can cause serious issues.
While this may not pose a problem for some, it can become a significant issue for the majority, especially as life circumstances change. If you have an estate plan, it’s essential to review it periodically, ensuring that your documents are current and relevant to your current life stage.
The Importance of Keeping Your Estate Plan Current
Outdated estate planning documents can lead to various complications. To avoid these issues, it’s essential to review your documents, especially after major life events, such as:
- Welcoming a new child into your famil
- Inheriting a substantial sum of money
- Receiving a significant promotion or raise at work
- Going through a divorce or remarriage
- Dealing with the passing of someone named in your will
- Relocating to a new state
- Ending a relationship with a power of attorney or trustee
- This list isn’t exhaustive, and you can choose to review your estate plan whenever necessary.
However, to ensure your documents are updated correctly, it’s best to consult with an experienced estate planning attorney.
Why Estate Planning Documents Become Outdated
Estate planning documents can become outdated in various ways, including:
- Beneficiary Documents: Your will doesn’t affect assets like IRAs, life insurance, and annuities. To ensure your assets go to the intended beneficiaries, you must update beneficiary documents regularly.
- Ownership of Assets: Over time, your asset ownership may change due to marriage, partnerships, or other life events. Reviewing and updating these documents are essential to avoid complications.
- Powers of Attorney: A comprehensive estate plan includes powers of attorney for both financial and medical matters. Failing to name or update them can lead to difficulties in the future.
- Changes in Laws: If estate planning laws change, it’s crucial to have an attorney review your plan and make necessary adjustments to keep it compliant.
Speak with a Cincinnati Estate Planning Attorney Today
Don’t leave your family’s future to chance. If you need to create or review your estate plan in Cincinnati, Ohio, reach out to Krugler Law. Our experienced estate planning attorney can help secure your assets and protect your loved ones with an updated estate plan. Contact our office now to schedule a consultation with a member of our team. Secure your future and that of your family with a tailored estate plan.