Estate planning is a hard subject to approach. That is because it involves discussing the end of one’s life and the process of distributing their assets after their death. Few Illinois residents look forward to conversations about their mortality, wealth, and the division of their assets between surviving loved ones.
However, most adults can benefit from having up-to-date estate plans in place. Though some have engaged with estate planning in the past, their existing plans may no longer serve their needs or even comply with the laws that govern their lives. Estate plans can be treated as fluid documents that change over time and with the lives of those who created them.
Estate plan updates based on life changes
There are numerous life events that can occur that can precipitate the need for a person to change their estate plan. Those events include, but are not limited to:
- Divorce or remarriage
- Death of executors or administrators
- Birth of children
- Changes in beneficiary relationships
- Moves to new jurisdictions
When a person’s personal life undergoes changes, their preferences for how their estate will be distributed may also need change. An estate planning lawyer can help them work through the updates they need for an accurate plan for their desires.
Estate plan updates based on the law
Another reason that individuals may want to change their estate plans is to capture protections and alterations that may occur due to changes in the law. For example, the laws concerning estate and gift taxes change over time. These laws may impact if and how a person’s end-of-life estate will be taxed when they die. If an unfavorable change in the law happens, a person may want to update their plan to work around it.
Life changes. Estate plans should too. Now is a good time for individuals to pull out their estate plans and review them for possible updates.