When Do I Need A Will or When To Update One

You need a will now if you own anything and you would like someone to receive your things, if you were to die today (If not the State of Ohio will be happy to distribute your possessions for you).  You must be at least 18 yrs of age to make a will in Ohio.  The old rule of thumb was 35 and up should have a will.  But today many young people have inherited money and property or have earned a substantial estate at an early age.  Your will should always be tailored to your current family and financial situation not last years situations or ten years ago.

Here are some events that should encourage you to make a will or a new one.

• You get married.
• You are unmarried but have a new partner.
• You get divorced.
• You change substantial assets, sell your home, sell a vacation home, buy new.
• You have new stepchildren.
• You adopted a child.
• You had a new baby.
• You moved from a community property state to a common law state.
• You change your mind about who should get what (redistribution of assets).

There are many times you should evaluate your estate plan.  Do it every year, at least.  When reviewing your estate plan don't forget to look at beneficiaries for life insurance, IRA's, retirement plans, joint accounts, etc.  Also check your Transfers on Death (TOD) and Paid on Death (POD) designations on bank accounts, cars, and mobile homes.

There are two ways to modify a will. 

• One is by adding a "codicil" (cod e sil).  It is a written addition to the will that revokes something or adds something to it.  Kind-of-like a P.S. Yeah I forgot to add Aunt Joan to the will she gets my Cherry Red 1969 Pontiac GTO that she dearly loved. (who wouldn't).
• The other is to destroy the current will and create a new will revoking all past wills and codicils.  Today, this is probably the easiest way to go.  Most wills are computerized and relatively easy to recreate and modify.  A codicil can cause confusion in the will and may even conflict with the will.
• Another thing to consider is a revocable living trust.