When to update your will

By Patricia Nugent

This time of year, with the holidays in the rearview mirror and organizing financial affairs for taxes on everyone’s to-do list, now is also the perfect juncture to ask yourself when was the last time you updated your will.

I reached out to local estate planning Attorney Margaret T. Karl for answers.

“A will tends to be a document that people draft, then file it away somewhere and forget about it, out of sight, out of mind,” she says. “Ideally, if your situation changes, your will should reflect that, especially when it comes to beneficiaries or guardians who may have passed away or are incapacitated or not a part of your life anymore. Also, if your financial situation has changed significantly, we may wish to consider a trust instead of a will to address that.”

It’s a smart idea to pull your will out every five years to take a peek and make sure it still fits your situation.

“If someone is listed in your will and you pass away and we cannot find that person, or they’ve passed, that opens up the door to additional and costly paperwork and probate court time,” Margie says. “Updating your will can save time and money in the long run.”

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