The death of a loved one is never easy. Regardless of your relationship with the deceased (for example, a relative, significant other, or close friend), you need space and time to process and grieve your loss. Once you have had time to cope with all that has happened, you should consider updating your estate plan in light of your loved one's death. 

Although your estate plan primarily focuses on what will happen if you become incapacitated (unable to make or communicate your wishes) or die, the death of a loved one can have a significant impact on your planning. If you have an estate plan, one of the first things you need to do when a loved one dies is to review the documents with the following questions in mind:

1. Was your deceased loved one a beneficiary in your will or trust? 

One of the main objectives of establishing a will or revocable living trust is to create a plan for what will happen to the things you own at your death. If you have strong feelings about who should receive your money and property, you must name who will inherit from you and also who will inherit the money and property if your first choice dies before you. 

Without a backup, the gift in question may be canceled, and that portion of your estate could be distributed according to the remaining terms of your estate plan. This can be problematic if there are people, like grandchildren, whom you would have preferred to inherit instead. Although Ohio has anti-lapse laws preventing unintended consequences when heirs pass away first, it's vital to ensure your estate plan reflects your wishes instead of relying on what the law says should happen.

2. Did your deceased loved one hold a key role in your estate plan?

In Westerville, and across Ohio, your estate plan likely includes trusted individuals to act on your behalf, such as:

·   

• Personal representative (executor): This individual is responsible for managing your estate, paying off debts, and distributing assets. If your chosen executor has passed away, and there is no backup listed, the County Probate Court where you lived, Like Franklin and Delaware County, will appoint someone based on Ohio law, which may not align with your wishes.
• Successor trustee: If your loved one was a co-trustee or successor trustee of your trust, it's essential to update your trust to ensure it specifies a new trustee or allows you to continue without one. Ohio law allows for flexibility, but your trust should be updated to reflect your current situation.
• Agents under financial or medical power of attorney: If the person you selected to manage your finances or make medical decisions is no longer available, updating these documents is crucial. Without a named backup, your family could face delays and added expenses in court proceedings to appoint someone, potentially leading to public exposure of private matters.

3. Do you need to appoint a new guardian for your minor children?

Choosing a guardian for your children is one of the most significant decisions in your estate plan. If your selected guardian has passed away, it's crucial to update your plan to nominate a new guardian. Without a named alternate, the Probate Court will make this decision for you, possibly selecting someone you wouldn't have chosen.

We Are Here to Help

At Halterman Law, we understand how overwhelming the loss of a loved one can be. When you're ready, we're here to assist families in Westerville, Ohio, and the surrounding communities, whether you need to start, update, or complete your estate plan. Schedule a convenient Zoom consultation with Sinem Halterman today and take the first step toward protecting your loved ones and ensuring your legacy.

Book your Peace of Mind Planning Session with Sinem Halterman to learn more.

The information provided in this blog is for educational purposes only and does not constitute legal advice. Every situation is unique, and laws may vary based on jurisdiction. Please consult a qualified attorney for personalized advice regarding your specific circumstances.