Many Illinois residents understand the benefit of executing final wills, advanced medical directives and other typically essential documents that help them keep their financial affairs in order, protect their assets and provide for their loved ones’ futures. Once an estate plan is implemented, however, it does not mean what is done is done and no further attention needs to be paid to the matter. Quite the contrary, in fact, a key factor to success where estate planning is concerned involves periodic review of an existing plan.
It’s not uncommon for estate owners to choose the beginning of a new year as the appropriate time to review an existing estate plan. Also, those who are entering the process for the first time may also like the idea of starting a new plan as a new year unfolds. Either way, there are several issues to be aware of if one is looking to launch a new plan or check how things are going with an old one.
No matter how much time has passed since the execution of a particular estate plan, any number of changes may occur in life that affect the plan. For instance, a death in the family can have significant impact on an estate plan, as can a birth or adoption. Also, anyone who has recently married or divorced may want to make sure those changes are reflected in his or her estate plan.
Both sudden and planned changes impact estate planning decisions. Kids going to college, a spouse retiring, a medical development or the purchase or sale of a business are several of the many life changes that can have immediate effect on an estate plan. An experienced Illinois estate planning attorney can help anyone in this state wishing to review or implement a particular plan.
Source: nwitimes.com, “Estate Planning: Dawn of new year time to review estate plan“, Christopher Yugo, Dec. 31, 2017