Life-Changing Events That Should Prompt an Update to Your Estate Plan

Illinois estate planning lawyersIf there is one thing you can count on in life, it is that things will change. Some changes are more internal, such as a new passion or career goal. Others are external. The former, though often positive, are likely to have little impact on the future of your estate. In contrast, the latter may require a significant change to your estate plan. Learn more about these changes in the following sections, and how an attorney can help ensure they are effectively addressed.

Re-Marriage and Divorce

Changing your marital status – whether from single to married or married to divorce – will, in most cases, warrant an update to your estate plan. This is especially true in the case of divorce and second, third, or other subsequent marriages. You should not tackle the changes alone, however, since blended families and ex family members can further complicate an already complex process. Instead, ask an attorney for assistance.

Birth and Adoption

The welcoming of a new child is a joyous event, but if you do not change your estate plan, you risk leaving your newest family member out in the cold. This can be especially troublesome if you have an ex-spouse. Further, young children may be at risk for foster placement – even if only temporarily – if you do not appoint a guardian and both you and your spouse pass away unexpectedly. So protect your children and update your estate plan as soon as the birth or adoption has taken place.

Death, Illness, or Injury of an Heir

If one of your heirs becomes ill or seriously injured, you may need to update your estate plan to better reflect the situation. For example, if a child becomes disabled after a car crash, you may want to assign provisions for them to ensure they are properly cared for after your passing. This may mean changing the inheritance of other children or heirs. Death of an heir should also prompt a change since that person can no longer inherit.

Tax Law Changes

While not all tax law changes warrant a change to your estate plan, others certainly do. In fact, some could significantly impact how your estate is taxed or distributed. This is also why it is a good idea to ensure your estate plan is reviewed by an attorney on a regular basis; they can ensure you are taking advantage of the options available to you and your heirs, and that all new tax laws are being considered. If you have questions about your estate plan and how taxes may impact it, contact an experienced estate planning attorney today.

Schedule a Consultation with Our Estate Planning Lawyers

At Stock, Carlson, Oldfield & McGrath, LLC, we work hard to preserve the best interests of our clients and their heirs. Seasoned and knowledgeable, we can review your estate plan, no matter what changes have occurred in your life, and will ensure you understand your options. Learn more about how our DuPage County estate planning attorneys can assist you. Call 630-665-2500 and schedule a consultation with us today.

Source:

http://www.forbes.com/sites/markeghrari/2017/01/02/6-reasons-to-revise-your-estate-plan-as-soon-as-possible/#8c12078e1e12