An estate plan includes more than just your will. It also consists of a healthcare directive, power of attorney, retirement plans, life insurance and more. Establishing an estate plan is not something that you do once and forget. As your life changes, your estate plan must also change and grow. Perhaps you are recently married or divorced, lost a loved one or moved to Illinois. Now is the time to update your estate plan.
A lot can happen in 5 years. Think back to what you were doing and realize the changes in your life. We recommend updating your estate plan every 3-5 years or when you have a life-changing event. Some changes in your life that may require an update to your estate plan are:
Not updating your estate plan after any of these or other life-changing events can cause legal confusion after you pass away. Let’s say you listed your spouse on your life insurance policy but are not divorced from them and have recently remarried. You may not want to leave that money to your ex. Or if you want to leave your vacation home to your sister, but she recently passed away. These are only two examples of what might happen if you do not update your will.
Why must you update your estate plan now that you have moved to Illinois?
Moving to a new state can be exciting but also exhausting. You don’t realize how much you have to change! From work to car insurance to estate plans. While it may sound odd, there are several reasons to update your estate plan when you move to a new state.
Many people may not realize how a move can affect their estate plan. An experienced estate planning attorney can walk you through any new Illinois laws and help you establish a new estate plan that fits your new life.
If you have questions about your estate plan after moving to Illinois, please contact us to schedule a free consultation. To learn how to protect everything you have worked for, call us for a consultation at 630-864-5835.
Areas we serve: Cook, DuPage, Kane, Lake, Kendall and Will counties
