No one can predict the future. That is why it pays to be as prepared as possible, especially regarding the estate planning process. Many people, no doubt including some in Illinois, procrastinate when it comes to planning their estates because they simply do not want to think about their own mortality. Others, however, understand the benefits of executing a thorough plan early in their adult lives.
The problem is that many people who have estate plans forget to update them. It is always best to schedule a periodic review of an existing plan to make sure it is current and aligns with applicable laws. Changes in the tax laws can have a significant impact on an estate plan.
Certain life events can also prompt a need to update an estate plan. For instance, if a person has recently moved to Illinois with a plan already intact, adjustments may be needed to ensure the validity of the existing plan. The birth of a child or grandchild might necessitate a plan update as well. Marriage, divorce or the death of a spouse or other loved one are other important issues that prompt many estate owners to update their plans.
There may also be cause to delete a particular name that was including in initial estate planning documents. Many families encounter challenges when one of their members becomes estranged, sometimes resulting in disinheritance. Rather than try to stay updated on Illinois laws and keep an estate plan in good working order, it is much less stressful to entrust the care of one’s plan to an experienced estate planning and administration law attorney.