Knowledgeable, Effective Guidance

Is it time to review your estate plan? 

On Behalf of | Jul 15, 2022 | Estate Planning |

You have taken the important step of addressing your estate plan, but this was a few years ago. Life rarely remains static, and a lot can happen in the space of a year or two.

Does your estate plan currently reflect your wishes? Perhaps it’s time to give it a review?

Have you entered a relationship? 

Your current will and other estate planning instruments were drafted at a time when you weren’t in a committed relationship. For this reason, your estate plan is largely centered around your family members and closest friends. 

If you’re now with a long-term partner, you may want to include them in your will. Not only could they benefit from an inheritance, but they may also be able to play a key role in ensuring that your final wishes are brought to fruition. 

Have you had children? 

On top of entering a relationship in the last few years, you’ve also started a family. Your newborn child is not currently in your estate plan, and this is something that should be addressed. 

With the appropriate documents, you can ensure that they have some financial protection whatever happens in the future. You can also nominate someone to look after them should something happen to you and your spouse. 

Have you moved state?

You’re new to Illinois and this is your first time living there. Your will was drafted in another state, which means it may not be valid where you are now. 

Estate planning laws are very specific in each state. It only takes one error for a will to be deemed invalid by the courts, which could cause your loved ones extra hassle if you pass away.  

There is a common misconception that estate planning only needs to be done once. The truth is that your estate plan needs to adapt as your life develops. Seeking legal guidance on the matter can make the process feel much less overwhelming.