Amending Your Estate Planning Documents

Getting married, having a baby, and other life-changing events can have financial implications and affect how you manage your assets and property. You may be wondering whether you can change your currently existing documents, and the answer is “it depends.”
Life is all about change. Because of this reality, legal conditions allow for specific alterations to your estate plan. A Cincinnati estate attorney can clear up any confusion you have about amending your estate plan. Also, instead of making small changes, they can advise you when it’s best to start with a new document.
Changing a Will
If you have a Will, it’s always advantageous to review it regularly to ensure it continues to meet your evolving needs. If you need to amend your Will, such as changing your executor, you can create a codicil, which allows you to make amendments without having to rewrite the entire document. A codicil that complies with Ohio state law allows you to uphold the integrity of your Will while updating specific terms.
Modifying Trusts
Legally, being able to modify an existing trust depends mainly on whether it is revocable or irrevocable. If the document’s creator is living and can show capacity for a revocable trust, revoking it or creating an amendment is typically a simple process. When you begin a new revocable trust, it’s worth consulting a local estate and trust lawyer who can help you implement provisions that allow for potential changes.
Changes to an irrevocable trust are only possible in rare circumstances, for example, if all beneficiaries agree to the change. A court might also approve a change if it’s deemed in the creator’s best interest. Remember that any approved alteration can only occur if the creator is alive and mentally competent.
Changes to Power of Attorney
To revoke a power of attorney, you must inform that individual in writing. You must also destroy all existing power-of-attorney documents and create a new one. If the power of attorney proposes a change to a Will, the creator must agree to it.
Make Changes or Create a New Document?
One or two changes to a Will, trust, or other estate planning document may be fine, but multiple amendments could confuse your survivors and even make instructions difficult to interpret. To prevent confusion due to numerous amendments, you may be better off starting over with a new document. As a general rule, implement codicils and amendments for minor changes, and consider creating new records for significant modifications or making more than two changes.
Restating an entire document may save you more time and money than doing multiple amendments. It’s wise to ask your estate planning attorney what they suggest. They likely have software that can create new documents easily.
Finding a Cincinnati Attorney Who Handles Wills and Estate Planning
Reviewing your estate regularly is a good idea because you’ll likely discover elements that need changes. As your life progresses, you’ll need estate planning documents that evolve with it. Trust the experienced lawyers at Donnellon, Donnellon & Miller. They’ll guide you through any changes you need to make to your estate plan and help ensure you follow the letter of the law.