Residents of Illinois who have already drafted an estate plan may feel as though their job is done. Unfortunately, this isn’t always the case. Life can change all the time, and your estate plan can become inaccurate.
Cobizmag.com lists a few different reasons to update an estate plan. Most of them have to do with changing circumstances. Generally speaking, it is advised that you update your estate plan regularly, even if nothing has changed. However, it is important to update your plan after some specific changes.
If the laws in your area change, you’ll want to update your estate plan. 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 You don’t want your estate plan to be based off of a law that is no longer in effect.
If you experience a big change in your life, you should check in on your estate plan. This can include changes to family dynamics, such as marriage, divorce or discovering that a loved one has a disability. It can also involve moving to another state or country, which can change the way the estate plan is handled by law.
Your estate plan should mirror changes in your finances. As the years go by, it’s only natural for your financial state to fluctuate. Your estate plan should be updated to reflect any drastic financial changes.