When you have to make a unique adjustment to a Lombard estate plan, you should first consider all your options with the help of an attorney. There may be available to you different routes to amend your plan. From a codicil to a trust, you could account for the changes of the present and uncertainty of the future. Reach out to an attorney in Lombard for the help you need.
Estate planning is different in Lombard than it is in other jurisdictions since will and trust law and estate law varies from state to state. The law which is applicable in Lombard can vary wildly from other states. For example, in Lombard the state estate tax is exemption is currently $4,000,000. Many other states have no estate tax or whatsoever. Another example is the handling of small estates. Illinois has specific rules for how small estates could be handled and DuPage County itself, the county where Lombard is located has additional practical considerations for the handling of those estates.
That plays into effect when dealing with the probate process. If the client just has a will and there are specific goals that they want to maintain. The county that they are located in specifically Lombard in DuPage County could factor into how a will is drafted based on the fact that it would be probated there.
A person is able to make unique adjustments to Lombard estate plans under circumstances in which their opinions change regarding how they want to plan their estate by ways of amendments, restatements, or completely new documents. In the case of wills, attorneys generally recommend that creating a brand new will which revokes the previous will. Although, it is possible to amend wills through the use of documents called codicils, it is more desirable to only require them and their family to keep track of one will versus a will and multiple codicils.
The scenario is slightly different when it comes to trusts. The reason being is that for a trust to be effective, a property needs to be transferred into the name of the trust. This makes it more difficult to create a whole new trust as in the client would have to retransfer their property into the new trust which could be a handful. Alternatively, the client could create an amendment to the trust if their opinions have changed and that amendment could substantially change the estate plan but it still allows the client to keep their same name on their assets.
It is not uncommon for a trust-driven estate plan to change multiple times during the course of the client’s life. It is not uncommon to see scenarios where a trust has four, five, six different amendments to it. When the situation gets ridiculous as far as the sheer amount of amendments, it is recommended that the client consider preparing a restatement of trust. A restatement basically could consolidate many trust amendments into a new single operative document.
Potential triggers or changes that might cause a person to make adjustments to their estate plan generally consist of the common major life events. Those that are both happy and both that are not. For example, the birth of children, the birth of grandchildren, marriages, remarriages, the start of a business, or the successful sale of a business. it could also be the death of a loved one or divorce. A lot of times, clients have people and their family passes away if that person has a bad or no estate plan whatsoever and that could lead to a messy probate situation.
Oftentimes, there could also be a change in the law that might necessitate the adjustment to an estate plan. Currently, the federal estate tax exemption is around $11,000,000. If the tax laws change, those could have a considerable effect on estate plans. Obviously, it is a good idea to make an adjustment based on those changes.
The impact of multiple marriages on an estate plan could have several effects on the plan they have on the estate. Oftentimes, there are children from previous marriages that the person would like to ultimately provide for, while still providing support to his or her current spouse. This is generally accomplished with a trust-driven estate plan. It is generally exceptionally difficult to effectively carry out someone’s wishes in the situation of multiple marriages with just a will-based plan. Sometimes the will creates various trusts on behalf of the more current spouse and the minor children but most of the time, it is recommended to go with a trust-driven estate plan.
In addition, multiple marriages might also involve prenuptial agreements or marital separation agreements in the event of a divorce, which contain provisions that dictate certain aspects of a person’s estate plan. For example, there might be a prenuptial agreement which exists which kind of mandates that the client needs to create a trust for a spouse that may die is funded with a certain amount of money. There might be a marital separation agreement where the person has to do something similar until children are of a certain age; they have to make sure that unique adjustments to a Lombard estate plan are accounted for.
When life happens and requires you to make unique adjustments to a Lombard estate plan, you may rest assured that an attorney could help you meet your new future goals. From drafting a codicil to a will, destroying an older will, or preparing a trust, an experienced attorney could help you. To start adjusting your plan, reach out to an attorney today.
