When You Should Consider Updating Your Estate Plan

No one can predict the future, especially when it comes to our own mortality. For this reason, it usually pays to be as prepared as possible when it comes to the estate planning process. This includes not only creating an initial estate plan, but also updating that estate plan after major life changes. Failing to take this step could result in the unfair distribution of a person’s assets, or a failure to provide for certain beneficiaries at all. To ensure this does not happen to you and to make sure your own estate plan is updated regularly, please contact our dedicated Illinois estate planning legal team today.

Periodic Review

It’s generally a good idea to schedule periodic reviews of one’s existing estate plan to make sure the document is current and complies with both state and federal law. Changes in the tax code, for instance, can have a significant impact on an estate plan, but many testators fail to take this into account. In addition to periodic reviews, those with estate plans are also strongly encouraged to update those plans upon the occurrence of certain major life events.

Major Life Events

There are a number of life events that could necessitate the review or updating of a person’s estate, including:

• ● Moving to Illinois with an already intact estate plan, which may need to be adjusted to reflect state law;
• ● The birth of a child or grandchild who will need to be provided for in a will or trust;
• ● The death of a spouse or other loved one who may have been a beneficiary under a prior estate plan;
• ● Divorce or marriage, either of the testator him or herself, or of a beneficiary;
• ● Retirement or acceptance of a new job, which could impact which assets are left to certain beneficiaries;
• ● Gaining a large or complex asset, such as a business interest or other investment, which should be included in any existing estate plan to avoid losing those assets in probate or to a distant relation;
• ● Losing a large portion of assets, which can help prevent confusion upon a testator’s death; and
• ● The aging of dependents into legal adulthood.

Keeping an estate plan in good working order can be a difficult endeavor, especially for those with growing families or significant assets, so if you or a loved one are concerned about your own estate, or have not yet begun the estate planning process, you should speak with an experienced attorney who can help you shoulder this burden.

Review Your Estate Plan with a Dedicated Attorney

A person’s estate plan should always represent his/her wishes and keeping an estate plan up to date is one of the best ways to protect these wishes and a person’s legacy. Even if you have not recently experienced a major life change, your will could still require an update to reflect changing laws, an altered financial situation, or a change in relationship. For help assessing and updating your own estate plan, please call 847-325-5559 to consult with one of the dedicated Northbrook estate planning lawyers at Orlowsky & Wilson, Ltd. Attorneys at Law today.