When Should You Update Your Estate Plan?
There are numerous reasons why someone would and should update their estate plans. Many may ask themselves, “when should I update my estate plan?” Though there are many reasons to update your estate plan, below are listed the most common reasons for doing so.
Changes in Family Dynamics
One of the most common reasons people elect to update their estate plans is due to changes in family. For example, an individual who already has an estate plan may want to change it after having a grandchild. In this example it is likely that a person would want to make changes to include the new addition to the family. Once a person passes away they want to make sure their assets are in the right hands.
Another more obvious reason to update your estate plan comes from financial changes. Whether you have seen a significant increase or decrease in assets or income, it may be time for an update. Persons who acquire more property will have to update their estate plans to account for it. Similarly, those who sell property or assets should also make time to update their estate plan.
Moving to Another State
The laws relating to estate planning will vary from state to state. If you are an Illinois resident looking to move keep your estate plan in mind. The specific laws surrounding your estate plan will depend entirely on the state you choose to move to. In the event you decide to move it is best to communicate with your estate planner. Lastly, when people move they may want to change things like there power of attorneys for example. It is recommended to have the individuals involved in your estate plan close by.
After a Divorce
A divorce is never a good experience. However, a divorce likely will affect individuals and their estate plans. It may be assumed that prior to a divorce, a spouse is likely associated in some way with the estate plan. After a divorce takes place it is likely changes will be made to exclude the ex-spouse from the estate plan.
After a Marriage
Similar to divorce, individuals will want to update their estate plans once they get married. In addition, couples that have children will need to make updates to include them. Often, after a marriage, the newlyweds elect each other as executors of their estate plans for example. The points listed in this article are common situations where one may want to update their estate plan. However, many more reasons for updating an estate plan exist. If you need help crafting a cohesive estate plan, Prime Law Group is here to help. Reach out for a consultation today or email us at PrimeLawGroup.com.
Who are Prime Law Group?
Prime Law Group have experienced estate planning lawyers that are here to help. We are a full-service law firm serving both McHenry and Winnebago Counties and their surrounding areas. Our lawyers have proficient knowledge when it comes to crafting comprehensive estate plans that work for our clients. Whether writing a will, crafting special needs trusts, or tax-sheltering trusts, Prime Law Group fully understands all that makes up an estate plan.