As the New Year rolls in, you may be excited to see what the year has in store for you. One way to celebrate is to make resolutions for the upcoming year to help you build better habits and live the life you dream of. While you may be focused on eating better or getting more sleep, there may be one important resolution that you haven’t considered yet – updating your estate plan. While this may not seem important, the following blog explores why you should review your plans and the importance of discussing your circumstances with a Medina, Ohio estate planning lawyer to ensure your wishes are honored.
Why Should I Review My Estate Plan in the New Year?
Unfortunately, many assume that the minute they sign their Will or finalize their Trust that they are officially done estate planning. While it may be true that you no longer need to establish documents for the future, estate planning never truly ends. This is because you should still continue to review and, as necessary, update the documents in your estate plan to ensure they still reflect your wishes.
As years progress, your life will undoubtedly change. Whether you welcome a new child into your family or file for divorce, ensuring that these changes are honored is critical. Without updating your estate plans, you may find that your assets can be left to those you no longer wish to inherit them, or that your ex-spouse is still legally responsible for making medical decisions on your behalf.
In addition to changing who is included in your estate plan, you may need to update what assets are included in these documents. For example, if you sell your home, purchase a second property, or inherit vehicles, you will want to ensure these assets are accounted for and distributed in a way that reflects your wishes.
What Documents Should I Review?
Generally, it’s in your best interest to review all documents you have as part of your estate plan. For example, you’ll want to review your Will to ensure that certain individuals are still entitled to specific assets, or make changes to include new family members as Beneficiaries. Additionally, updating your Healthcare Proxy ensures that you have someone you trust in that role to make decisions on your behalf as necessary.
In the event you need to update aspects of your estate plan, you are generally able to do so through a Codicil. This acts as an amendment, allowing you to make small changes to these documents to update them.
As you can see, there are many changes that can happen over the course of a year, so ensuring your estate planning documents reflect these changes is critical. If you are ready to ensure your documents reflect your wishes, working with the team at Krause Law is in your best interest. Our firm understands how overwhelming these matters can be, which is why we will do everything in our power to help you through this process. Connect with us today to learn how we can assist you.
