Last weekend was the semi-annual changing of our clocks as we Spring Forward to daylight savings time. Spring rituals are important to protect our families:
We remind you frequently on the blog and social media to update your estate plan whenever an important family event happens. But why not choose now to spring forward and protect your loved ones by reviewing and updating your estate plan?
1. Update Your Will or Trust
If you or your children have experienced marriage, death, divorce and other major life changes are a good time to review your will and trust(s). If your financial situation has changed, you should review and update your will and trust(s).
2. Review Your Beneficiaries
You should review your account beneficiaries every 3-5 years, including life insurance policies, stocks and bonds, savings accounts and other financial accounts. Remember that your designated beneficiaries take precedence over your will, so make sure your designated beneficiary is who you want to actually inherit that account.
3. Have You or Your Spouse Retired?
Things change in unexpected ways when you or your spouse retire. What you planned for your retirement may not in fact be the case when you do retire.
4. Has You or Your Spouse’s Health Changed?
If you or your spouse has been seriously ill, incapacitated or has entered a long-term care facility, make sure your estate plan reflects your new circumstances, such as Power of Attorneys and Advance Healthcare Directives.
5. Have You Started a New Job or Business?
When you change careers or open or close a business, you should review your estate plan and make sure that your beneficiaries are up to date.
Read More: 5 (More) Reasons To Update Your Estate Plan
An estate plan allows you to designate who will receive your assets and manage your financial obligations after your death or if you become incapacitated. An up-to-date will, trust and other estate planning document is the best way to tell your family and loved ones how you want your estate handled, and to legally make sure your wishes are carried out. Give us a call at the office to schedule an appointment.
Do you have questions about protecting your loved ones? Our experienced Illinois estate planning attorneys can advise you on the best options to protect your assets and loved ones after you are gone, or if you become incapacitated. To talk to an estate planning attorney contact the Estate & Probate Legal Group at 630-864-5835.
We provide legal services in Cook, Dupage, Kane, Lake, and Will counties.