Whether you are moving, have questions, or wish to understand estate plans more, than you need to speak to an attorney. Keeping a Lombard estate plan updated is important when life changes the circumstance surrounding the plan. Fortunately, there are attorneys that could help.
A person should have their estate plan reviewed generally about every three years, just because of changes in the law and changes in the taxation amounts. Obviously, the exemptions are very high right, now being in the tens of millions of dollars for the federal estate tax, but those could always change. In Illinois, it is currently $4 million, but it used to be $2 million. Illinois is currently talking about getting rid of the estate tax outright or tying it to the federal exemption, which means that there would no longer be a $4 million exemption in Illinois. Instead, it would be $11.4 million or even higher.
The exemption amount, depending on what that is, plays a big role in the strategies used in estate planning. The birth of a child, the birth of grandchildren, a death in the family, divorce, and other major life events are also good times to keep their estate plan updated in Lombard.
A change in jurisdiction could impact an estate that is originally planned in Lombard, mainly through the state estate taxes. A trust or will could be drafted in such a way that it is interpreted in accordance with Illinois law. However, when a person moves to another state, and there is a change in the jurisdiction, it may no longer make sense to have that document be an Illinois document. A lot of times, if an estate needs to be probated in a different state or there is a dispute that arises in a different state, then those individuals involved, attorneys, and judges are now trying to look at Illinois law in an attempt to interpret their estate and basically make whatever decisions they need to with respect to the disputes. It may make sense to keep an estate plan updated based on a change in jurisdiction.
The major parts of an estate that require the most upkeep are the beneficiary provisions only because those may change as families grow. As grandchildren and children start entering the picture, it is important to kind of keep everyone in mind as they move forward or decide whether or not they want to update their estate. Another part could be who they decide to pick as executor or trustee. There may be differences as far as among children or relatives or family members or things like that where there may be more trusts composed in one. Because of this, it may be best to work with an attorney when keeping a Lombard estate plan updated.
When planning for the future, it is often hard to devote the amount of attention needed to account for your estate. Fortunately, the law provides plans for you to enact upon the appropriate time. However, what many people do not know is that it is important to update your estate plan as needed. Keeping a Lombard estate plan updated allows for you to retain your wishes while accounting for a change in location, change in property, and many other circumstances that could affect your plans. Reach out to an attorney today for help.