Is it time to review your will?

By Patricia Nugent

When it comes to drafting a will, estate planning attorney Margaret T. Karl says that most people do it when they get married or have children. But oftentimes, they draft one, put it away, and forget about it, which can turn out to be a mistake in the long run.

“To make sure your wishes are carried out, when situational life changes happen, they should be reflected in the will,” she says. “It’s a good rule of thumb to pull your will out every five years to make sure it’s up to date.”

Most commonly, she says, clients find that the person they named as executor has moved far away or is much older or not even in contact with them anymore.

“Your executor should be someone who is accessible and capable, able to carry out the duties that come with the role,” she says.

Other things that happen that would change a will would be if a person acquires property or assets that should be accounted for in terms of which beneficiaries should receive them. At this point, it may be a better fit to have a trust in place rather than a will.

“Updating an estate plan by reviewing your unique situation is the best way to be prepared and save your loved ones time and money,” she says.

One last bit of advice is to keep your will in an easily accessible place and tell your family where it is.

Attorney Margaret T. Karl is located at 25800 North Depot Street, Suite 102, in Olmsted Falls. Call 440-782-5051 or visit OlmstedOhioLaw.com.