When Should I Update My Estate Plan? 

 Posted on October 06, 2021 in Estate Planning Blog

If you have already created estate planning documents, but it has been years since you looked at or thought about them, it might be time to speak to an estate planning attorney about updating them. You may find that your circumstances or wishes have changed substantially since the last time you looked at your will, trust, or healthcare planning documents. Even if you are confident that your estate planning documents still accurately reflect your wishes, laws change over time that may affect your estate. It is always a good idea to periodically review your estate plan with an attorney’s help to ensure everything is in order.

When is it Time to Review my Estate Plan With a Lawyer?

A variety of life changes may trigger you to want to update your will or trust, or other documents like your Healthcare Power of Attorney and Advance Directives. It may be time to see an attorney about your estate plan when any of the following changes occur:

• Family Structure - If you have recently gotten married or divorced, had a child, had a grandchild, or even reconciled with a formerly estranged relative, you may want to update your estate plan to reflect these changes.

• Health Status- If you have recently been diagnosed with a terminal or degenerative illness, it is very important to make sure that all your healthcare-related directives, end-of-life planning, and estate plan are up-to-date and reflect your current wishes.

• Moving Between States - Laws related to estate planning and healthcare directives can vary between states. If you have just moved from one state to another, it is probably worth having a lawyer look over your documents in case any changes need to be made based on state law.

• Financial Change - If your financial situation has changed drastically, your estate plan may need to change as well. If you have begun to make investments or started a business, for example, these ventures will need to be included in your estate plan.

• Long Time-Lapse - If it has been years since you looked at your estate planning documents, it may be worth it to dust them off and bring them to a lawyer. A qualified attorney will know if any recent changes to the law need to be accounted for.

• Different Priorities - As you age, you may simply change your mind about what your wishes are regarding your healthcare later in life, or who you want to make healthcare decisions for you. You may decide that you would like to include a charity in your estate plan, or include someone else in your will.

Call a DuPage County Estate Planning Lawyer

Whatever your reason for wanting to review or alter your estate plan, A. Traub & Associates are here to help. Our knowledgeable Wheaton estate planning attorneys will take the time to address every question and concern you may have about your healthcare planning or will and trust documents. Call 630-426-0196 today to schedule a confidential consultation.

Source:

https://www.ilga.gov/legislation/ilcs/ilcs4.asp?ActID=2104&ChapterID=60&SeqStart=5300000&SeqEnd=6800000