Residents in Illinois like you who have already drafted an estate plan may feel as though your job is done. Unfortunately, this isn’t always the case, as life circumstances can change all the time and cause your estate plan to become inaccurate.
Cobizmag.com takes a look at a few different reasons as to why it may be time to update your estate plan. Most of them have to do with the changing of circumstances around you. Generally speaking, it is advised that you update your estate plan every so often even if nothing big has changed. However, there are moments of change in which updating your estate plan is considered important.
Such moments can involve changes to the laws where you live. This can include both tax laws and marital laws, which apply to estate plans in many situations. You don’t want your estate plan to be based off of a law that is no longer in effect.
Changes in your life circumstances could also necessitate checking in on your estate plan. This can include changes to family dynamics such as marriage, divorce, or discovering that a loved one has a learning disability. It can also involve moving to another state or country, which can change the way the estate plan is handled by law.
What about your financial situation? Has that changed at all? As the years go by, it’s only natural for your financial state to change as well. Sometimes it can go up and others it can go down. With any drastic change, your estate plan should also be fixed to reflex it.