I’d like you to consider making updates to your estate plan or creating one, if needed, a priority for 2023. If you haven’t updated your family estate plan in a while and had major life changes such as marriage, divorce, or new family additions, an update is definitely in order. And if you’ve not created a family estate plan yet, there is no time like the present to start. Here are five smart reasons to update or create your family estate plan- see if any may apply to you.
Reason #1 to Update or Create Your Family Estate Plan – Do you want your former spouse to manage your assets on behalf of your minor child? It could happen if you die and haven’t updated your estate plan.
Reason #2 to Update or Create Your Family Estate Plan – Here in Cincinnati, if you die without a will, it is called dying intestate. That means the State of Ohio steps in and will make decisions on your behalf – and not always decisions you would have made. Why would you give them that power if you don’t have to? Having an updated estate plan, including a will, is the answer.
Reason #3 To Update or Create Your Family Estate Plan – Your loved ones will appreciate your taking the time and effort to update or create a family estate plan. Without a family estate plan, they may not know what you would have wanted. They might have to suffer going through the probate process, and no one wishes THAT on their loved ones. They might even have arguments over who gets what. You don’t want them to go through any of that – do you?
Reason #4 To Update or Create Your Family Estate Plan – A family estate plan often includes several legal instruments, including a Power of Attorney, a Living Will, a Healthcare Power of Attorney, and a Will. Within some of these documents, you will have appointed one or more individuals to act on your behalf, as in the case of the Healthcare Power of Attorney or Power of Attorney. You should make sure these individuals are still appropriate. For example, without updating the Healthcare Power of Attorney, it is not out of the realm of possibility, if you have divorced and remarried, that your former spouse could be called into the ER to direct the doctors on what to do on your behalf, instead of your current spouse! Or perhaps the individual you granted Power of Attorney has moved overseas and is not easily reached. If you do not have any of these documents, such as a Living Will or Will, your heirs will be burdened with more than just the pain of losing you.
Reason #5 To Update or Create Your Family Estate Plan – Currently, only 50% of adults in the USA (and presumably Cincinnati, OH) have a legally executed will. No one is required by law to have a will; however, if you die without one (as mentioned above), your heirs may have to go through what could be a long and stressful process upon your death. The process will be relatively simple if you do not have significant assets and only one or no heirs. However, suppose over your lifetime you have accumulated substantial assets, including real estate, vehicles, antiques, collections, etc., and have multiple heirs (spouse, children, grandchildren, stepchildren, etc.). In that case, things can be highly complex, and the division of assets could be very contentious when you die. We have all heard the stories of families breaking apart due to arguments about assets when a loved one has died. An updated family estate plan is the solution if you don’t want to put your family through that kind of strain.
Update or create – I am happy to help you with your family estate plan. So consider making it a priority in 2023 and schedule some time with me soon. You can do so directly through my website www.davidlefton.com or call me at 513-399-7526.