How Can I Update My Will in Ohio?

It’s no secret that your life now may look considerably different than twenty years ago when you first established your estate plan. As such, the wishes you had then may not reflect what you would currently like to happen to your assets and real estate upon your passing. If this is the case, understanding the steps you can take to update your Will is critical. The following blog explores the situations in which this might be necessary and how a Medina County, Ohio Will preparation lawyer can assist you during these complicated issues.

Why Might I Need to Update My Will in Ohio?

It’s important to understand the circumstances in which you may need to update the terms and conditions of your Will. Generally, any time you have a Beneficiary change, such as welcoming a new grandchild or the death of someone set to inherit a portion of your estate, you’ll want to ensure your Will reflects these matters. The same goes for marital changes, such as if you get married or divorced.

Additionally, if you come into money, such as receiving an inheritance or winning the lottery, ensuring you take the time to update the terms and conditions in your Will to ensure these assets are accounted for is critical. The same goes for any changes to real estate you make over the course of your lifetime.

In general, you should review your estate plan every five years or after major life events occur to ensure it is still up to date and reflects your wishes.

What Can I Do to Make Changes?

Typically, there are two options for those looking to update the terms and conditions of their Will. Generally, the first option is the easiest for those looking to make more minor changes to their Will, which is done using a Codicil. This is an amendment to a Will that allows you to make small changes, like updating someone’s name after they are married or if you want to remove a certain Beneficiary from receiving an asset. Using a Codicil, you can specifically write down your wishes, ensure it is signed by you and two witnesses, and attach it to your current Will. The two documents will be read as one upon your passing.

However, if you have many changes or one or two considerable changes, it’s generally recommended to start a new Will. Though it may seem unnecessary, when you add too many amendments to your current document, it can become confusing, which increases the chances of your Will being contested by your Beneficiaries. This can ultimately result in your Will being deemed invalid. As such, revoking your current Will by destroying it and creating a new document to reflect your new wishes may be in your best interest.

Whether you want to make a minor amendment or completely rewrite your whole Will, it’s imperative to ensure you do so under the guidance of an experienced estate planning attorney. At Krause Law, our team knows that estate planning can be overwhelming if you’re not sure where to start, which is why we will do everything possible to help you through these difficult times. Connect with us today to learn how we can help guide you through these matters so you can have the peace of mind you need.