When an Illinois resident executes an estate plan, it may not be enough to sign off on the documents and then be done with it. To the contrary, it is important to periodically review one’s plan, especially if life changes prompt a need to update an existing plan. A woman in another state decided to act after she learned that her husband had had an affair, which she believes may have resulted in his fathering a child.
The woman says the affair happened years ago. Her husband reportedly admitted to having intimate relations with a much younger employee. His former lover is said to have returned to her country of origin but started making threats and demands regarding child support over the years. The man’s wife said she began to worry about protecting her assets.
She decided to update her estate plan. To do so, she changed beneficiary designations. In this particular case, the woman and her husband made efforts to protect her assets. The husband signed a waiver, so the wife was then able to remove her husband’s name from her retirement benefits account. She also transferred all jointly owned accounts to her sole name.
It is a good idea to stay closely connected to an experienced Illinois estate planning attorney. That way, if an estate owner wishes to make changes in a plan regarding beneficiaries, heirs or other issues, the attorney can help review the plan and recommend a best course of action. Legal complications may arise after an estate owner dies if he or she neglected to update his or her estate plan.