We talk frequently about the need to review and update your estate plan when major life events occur: marriage, divorce, births, deaths or retirement. But what about the ‘less major’ life events that should trigger a review of your estate plan?
1. Moving To Another State
Any time you move out of state permanently or temporarily you should review your estate plan. Today people live very mobile lifestyles. Many people travel extensively for work and for vacation, and they should make sure all their legal documents are in order before they leave. To protect your loved ones, I’d suggest reviewing your estate plan with an experienced attorney before you begin long-term travel or if you move to another state.
The same applies if you are moving to Illinois from another state.
2. Buying a Vacation Home
Have you recently purchased a family vacation home that you want your children to enjoy after you are gone? Or, transfer to them while you are still living? A properly executed multigenerational estate plan can plan for the next 10, 20 or 50 years – or even longer!
3. Changes In Tax Codes
With the anticipated upcoming transfer tax changes, there are many year-end benefits to reviewing your estate plan in addition to gifting and gift taxes. Revisions to your legal documents may be necessary if your family circumstances have changed.
4. Selling or Buying a Business
Entrepreneurs and small business owners optimistically plan for the future and growth of their business, but often forget to plan to protect their business in the event something happens to them. Closing a business and declaring bankruptcy will impact heirs, particularly in the event that you die while the business is going through bankruptcy or before you update your estate plan.
5. Changes In Insurance Coverage
Life insurance is a good way to protect your loved ones after your death and can be an important part of your estate plan. Life insurance gives the policyholder a guaranteed amount of insurance that they can access during their lifetime, and they can leave the insurance policy to their heirs.
Updating a will doesn’t have to be difficult or time-consuming. An experienced estate and probate lawyer can guide you through the process so nothing is overlooked, and you can be sure that your will complies with Illinois probate laws. To talk to a will and estate attorney, contact the Estate & Probate Legal Group at 630-864-5835.
