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Estate planning is an ever-evolving process

Some people in Ohio may have a will or a trust, or may even have a more comprehensive estate plan including a power of attorney and health care directive in place. While that is all well and good, these documents may not be of much use unless they are reviewed periodically. Unfortunately, many people -- even successful business people -- execute an estate plan, and then fail to review it, which may lead to problems down the road

In fact, according to one survey, while nine out of 10 of those surveyed had at least a will, the estate plans for around 85 percent of those surveyed were over five years old. Since the law is ever-changing, particularly tax law, it is important to review one's estate plan, to ensure that any tax advantages are being taken into account.

Moreover, 65 percent of those surveyed reported an increase in wealth since they executed their estate plans. In fact, 75 percent reported undergoing a major life change, such as the birth of a child, the death of a spouse or a divorce. Any of these events necessitates a review of one's estate plan. Through a review, a person can ensure all their assets are accounted for and that their assets are going to the proper heir. After all, most people do not want their ex-spouse to inherit their estate if they have divorced.

In the end, no matter how great or small the size of one's estate is, periodical reviews of one's estate plan are prudent. Most people put a lot of thought into estate planning, so it is important that their estate plans continue to meet their needs as the years go on.

Source: Forbes, "Most Successful Entrepreneurs Have Out Of Date Estate Plans," Russ Alan Prince, Oct. 9, 2017

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