Estate planning isn’t something you do once and never revisit. It’s a living reflection of your life, your family, and your wishes. For many Ohioans, a trust is the cornerstone of that plan, providing privacy, tax advantages, and a smooth transition for loved ones.
But life moves fast. Whether you have an existing trust that’s gathered a bit of dust or you’ve been relying solely on a simple will, there are specific moments when your plan needs a closer look. Here are the signs that it’s time to take action.
1. Significant Life Milestones
The most common reason to update a trust is a change in your family structure. Have you recently welcomed a grandchild? Did a child get married (or divorced)? If your family tree has grown or shifted, your trust should reflect who you want to protect and how. Conversely, if a designated beneficiary or trustee has passed away, updating those roles immediately is vital to ensure your plan remains functional.
2. Changes in Ohio Law
Estate and tax laws are never static. Over the last few years, changes in federal tax exemptions and Ohio-specific probate regulations may have rendered parts of an older trust obsolete or less efficient. If your trust hasn’t been reviewed by a professional in more than three to five years, it may not be taking advantage of current legal protections designed to save your heirs time and money.
3. Out-of-State Moves or Property Purchases
If you’ve recently moved to Ohio from another state—or if you are an Ohio resident who just purchased a vacation home in Florida or Michigan—your trust needs an update. Real estate held in different states can trigger "ancillary probate," a secondary court process that is both expensive and time-consuming. Placing out-of-state property into your trust can bypass this headache entirely.
4. Your Chosen Trustee Is No Longer the Right Fit
When you first created your trust, perhaps your sibling or a close friend was the perfect choice for trustee. Today, however, they may be dealing with their own health issues, live too far away, or simply no longer feel up to the task. Selecting a successor trustee who is capable and willing to serve is one of the kindest things you can do for your future beneficiaries.
5. Shifts in Your Financial Landscape
A Trust is only effective if it is properly "funded." If you’ve opened new investment accounts, started a business, or received an inheritance since your last legal check-in, those assets might not be protected by your current trust. Ensuring your assets are titled correctly is the difference between a seamless transition and a lengthy court battle.
Protecting Your Legacy
Your estate plan is about more than just assets; it’s about peace of mind for the people you love most. If any of these signs resonate with you, the team at Lovett & House is here to help. We understand that these conversations can feel heavy, and we are dedicated to providing the empathetic, professional guidance you deserve.
To ensure your legacy is secure, reach out to us today at (937) 909-0770.