Is it time to update your estate plan?

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Is it time to update your estate plan?

On Behalf of | Jan 3, 2020 | estate administration & probate

Your personal wishes dictate your estate plan, which is then molded by Illinois law. However, both your desires and state law are subject to change. This means that your current estate plan may not suit your needs in the future. Today we will take a look at situations in which you may want to revisit your estate plan. 

First up are personal changes. This category involves any changes to your life and the relationships within it. Familial changes are one of the biggest reasons people edit their estate plans. This can involve: 

  • Marriage or re-marriage 
  • Divorce 
  • Adopting children or giving birth 
  • Discovering a dependent has a disability 

Any of these scenarios may change how you want your assets divided after your passing. You may wish to remove some people and add others. You may want to adjust what people get. In the case of discovering a loved one has a disability, you may want to set aside a trust for them. 

Other primary reasons to edit an estate plan have to do with changes to the law. This can be changes to pre-existing laws in your local area. It can also be changes you may face if you decide to move to another state or country. In either scenario, you will want to ensure that your estate plan complies with local law. 

If you want to continue your reading about estate planning, follow the link here to our web page. You can learn more about how Illinois handles matters of the estate. This can involve estate planning itself, including when you should revisit them. 

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