In Ohio, when a person crafts an estate plan, they do so with one eye on the present and another on the future. That is, after all, the objective. They are thinking about the long-term and how property will be distributed after they are gone.
However, the estate plan – particularly a will – needs to be updated as changes occur during their lifetime. One change that people must address is how their property will be distributed. For example, if they own a business and sell part of it, the will should reflect that. Knowing the law for the technical term of alteration of property can avoid confusion and conflict during probate.
Property alteration could warrant an estate plan update
If a testator writes their will and leaves property to an heir, it is important to understand what it will mean if they alter their interest in that property prior to death. Perhaps they owned their own business or had an investment home they rented out.
If they were to alter their interest in it, that will not automatically mean the heir will not receive a share in the property. The remaining interest can still be given to that heir, though it will be a percentage rather than the entire thing.
Still, in some cases, the testator decided not to leave the property to the person who was originally named in the will. If this is their intention, they must specify that by updating their estate plan. Declaring the intention of altering their ownership of the property will be the same as revoking that part of the document.
Making sure an estate plan is up to date is imperative
People who write an estate plan need to know how their decisions affect it. Naturally, it is essential to have a document that details how a person wants their property distributed. However, making sure that the document reflects changes as they occur – like selling part of a property that was earmarked for an heir – it also vital.
Understanding this and other factors can avoid confusion and disputes. This is why a person has an estate plan in the first place. To make sure the document is valid and accurate given the current circumstances, it is useful to have advice with all aspects of estate planning.