Law Office of Macklin K Everly

Estate planning is not a one-time task. It’s important to keep your estate plan up to date in order to ensure your wishes are carried out as intended. Major life events can significantly impact your legal and financial situation, and failing to adjust your estate plan accordingly may lead to unintended consequences. Below, I’ll discuss key events that should prompt you to revisit your estate plan and why these updates are so crucial.

Marriage, Divorce, or Remarriage

When you marry, divorce, or remarry, your financial and personal circumstances change significantly, and so should your estate plan. Under Ohio law, your spouse is automatically entitled to certain rights regarding your estate if you pass away without a will, which may not necessarily reflect your wishes. Perhaps you only want a portion of your estate to go to your spouse and the remainder divided amongst your children. By updating your estate plans, you can ensure that your assets are distributed according to your preferences.

Divorce often requires removing an ex-spouse from your estate plan. If you don’t take the time to update these documents, your ex-spouse could unintentionally remain a beneficiary or decision-maker in your will, trusts, or insurance policies. Your ex-spouse may even retain powers of attorney you no longer wish for them to have.

Remarriage also brings its own unique set of considerations. You may want to revise your estate plan to account for both your new spouse and any children from previous relationships. Blended families can complicate asset distribution and failing to update your plan may lead to unintended conflicts or the exclusion of loved ones. For example, in Ohio, stepchildren do not have automatic inheritance rights unless explicitly included in your estate plan, so it’s important to carefully revise your documents after remarrying to ensure all family members are considered according to your wishes.

Birth or Adoption of a Child

The arrival of a child, whether by birth or adoption, is another major life event that warrants an estate plan review. In Ohio, estate plans should be updated to include provisions for legal guardianship, should something happen to both parents. You will also want to ensure that your assets are distributed in a way that supports your child’s future, including setting up trusts to manage money until they reach an appropriate age. Additionally, if you already have children, a new addition may mean adjusting the way assets are divided among your heirs in your will or trust. 

Receiving an Inheritance

Receiving an inheritance can significantly impact your financial landscape, which might necessitate updates to your estate plan. You may want to reallocate your assets, adjust who receives certain portions of your estate, or create new trusts to protect your assets from taxes or creditors. In Ohio, while there is no state inheritance tax, large inheritances can still affect your overall tax planning and wealth management, making it important to reassess your estate plan after such a windfall.

Significant Change in Financial Situation

A drastic change in your financial circumstances—such as starting a new business, purchasing real estate, or receiving a substantial raise—can affect the structure of your estate plan. You’ll want to ensure your estate is protected and your assets are passed on according to your current financial status. This might mean adding provisions for business succession or adjusting who inherits specific high-value items like property.

Failure to update your estate plan after a major financial shift could result in unintended tax consequences or the mismanagement of your assets by beneficiaries who may not be equipped to handle them.

The Death of a Beneficiary or Executor

If someone named in your estate plan as a beneficiary or executor passes away, it’s crucial to make updates as soon as possible. Without changes, your estate may be subjected to unnecessary delays, probate complications, or even legal disputes. Ohio probate courts will intervene in these cases, but this may lead to outcomes contrary to your original intentions.

Choosing a new executor or reallocating your assets to different beneficiaries ensures that your estate is managed according to your wishes.

Changes in Ohio Estate Law

Ohio estate planning laws can evolve, affecting the way your estate is handled upon your passing. Periodically reviewing your plan with an experienced estate planning attorney helps you stay compliant with the latest legal requirements. For example, changes in tax laws, asset protection strategies, or healthcare directives may affect how you want your estate managed.

The Importance of Regular Reviews

In addition to updating your estate plan after significant life events, it’s wise to review your documents every 3–5 years, even if no major changes have occurred. This ensures that your estate plan continues to align with your current wishes, finances, and any changes in Ohio law.

Keeping your estate plan up to date is critical to ensuring that your loved ones are cared for and that your assets are distributed according to your wishes. If you’ve experienced any of these major life events, if it’s been a while since you’ve reviewed your estate plan, or even if you haven’t established a plan at all, now is the perfect time to make sure it reflects your current situation.

Schedule a free virtual consultation today to discuss your estate plan and ensure it’s working for you and your family.