Creating a will is an important step toward ensuring that your hard-earned assets will be distributed according to your wishes when you pass on. Without a valid will in place, your estate might be distributed as provided by Ohio intestacy laws.
However, you need your will to remain current if you want it to continue to meet your needs. Here are three signs you need to review and update your will:
Change in your legal status
When you marry, you need to update your will to accommodate your spouse. This may include making your spouse a beneficiary. Likewise, if your marriage ends in a divorce or separation and you no longer want your ex to inherit your property, you might want to revise your will to remove them from your list of beneficiaries.
The arrival of a new family member
If you get a child (through birth or adoption), you should consider revising your will to ensure an inheritance for them. Besides allotting assets for your child or grandchild, it is equally important that you consider naming a guardian for them in your will.
Changes in your assets
Just as your circumstances are bound to change over time, so are your assets likely to change over time. If you have gained more assets since you last created your will, you need to update your will to include them.
Likewise, if you have lost some assets since you last created your will, it is important that you remove these assets from your will. Remember, you can only bequeath what you own at the time of your demise.
If your will is outdated at the time of your passing, there is a pretty good chance it will become a subject of legal contests. Find out how you can ensure that your will is duly created and updated.