estate planning

Estate plans are far from static things. They can and should grow with you throughout your life. But many people end up creating an estate plan and letting it sit for years on end. Reviewing your plan regularly is the best way to make sure it adequately represents your wishes and protects your full estate in the long run. How can you tell if it’s time to schedule an appointment with your Illinois estate planning lawyer? Here are a few signs to watch for.

You’ve Recently Purchased a New Home

Acquiring a new home is a major life change and it can have an impact on your estate plan, whether it’s your first house or a new vacation home. You’ll want to make sure that home is covered in your estate plan as soon as possible. Doing so will reduce the risk of disputes should you pass away unexpectedly. 

You Had a Change in Marital Status

It’s normal for your spouse to be one of your beneficiaries. And if you’ve just gotten married, you’ll want to update your estate plan to include them as a beneficiary and to update all documentation to refer to them as your spouse. The same holds true if you and your spouse get divorced. Reviewing your estate plan and removing them as a beneficiary (if you choose to do so) can ensure that your estate represents your current interests and wishes.

Your Family Grew Since Your Last Review

If you have or adopt a child or take on the responsibility of parenting a minor, you may want to review your estate plan to include them in the plan. Remember, your estate plan doesn’t automatically update itself anytime you have a change in your life. You need to make sure your designated beneficiaries are updated regularly.

Your Financial Situation Has Changed

If you’ve recently gotten a raise, moved to a new job with a bigger salary, or inherited a large amount of money, it’s a good idea to review your estate plan. The same is true if you experience a significant loss of income or a decrease in your assets. You’ll want to make sure your estate plan looks out for your best interest based on your current situation, not an outdated level of income or funds.

You Can’t Remember the Last Time You Reviewed Your Plan

If you can’t remember the last time you reviewed your estate plan with your attorney, don’t put it off any longer. The sooner you can schedule an appointment, the better off you’ll be. Remember, your will and estate plan are legal documents that, if they’re not updated, will be difficult to enforce according to your current wishes.

Schedule an Appointment Today

If you notice any of these signs, don’t wait. Contact Legacy & Life Law Firm and schedule an appointment with an experienced Illinois estate planning attorney. Our team will help you make sure your estate plan and your will reflect your current values and your long-term goals. And if you haven’t created an estate plan, we’ll help you put one together.