A question that we get asked often is “when should I update my estate plan?” Updating your estate plan is essential to ensure it reflects your current wishes and circumstances. You should update your estate plan whenever significant life events occur or when you know information from your current estate plan is out of date.
Some significant life events are:
- Marriage or Divorce
- Adding or deleting beneficiaries
- Birth or adoption of a child – ensure proper guardianship
- Change the guardians of your children
- Death of an existing executor
- Death of a Beneficiary
- Significant financial changes – substantial increase or decrease in assets
- Major health concerns – update medical directives and power of attorney
- Changes in wishes – changing your asset distribution
Updating one’s estate plan is usually not a complicated task when working with an estate-planning attorney. Depending on what has already been drafted, there are different options available. Our office can draft or amend any estate plan. If you were not happy with your first attorney or they do not practice law anymore, we should be able to help without a problem. Some issues can arise if your plan was originally drafted in another state, so exceptions can occur on a case-by-case basis.
I recommend to all my clients that they should review their plans periodically. At the very least, you should look at them every 3-5 years.
Events that trigger the need for a plan review is after any major change in your family structure – such as marriage, divorce, death, adoption, birth, etc. If one of your successor trustees or guardians for your minor children can no longer fulfill his or her responsibilities (because of a move, illness, death or change of heart), you should replace them.
It is important to know that hand-written changes to your documents are not valid and have no effect. Once you have signed estate planning documents, they may not be altered. If you need to change anything, an attorney will need to prepare an amendment to your documents that must sign, in-person, witnessed and/or notarized in order to be valid in the state of Illinois. Next, you must destroy old copies to avoid any confusion in the future.
Minor changes can often be made through amendments or codicils. However, in some instances it may be more cost-effective for you to sign new documents. That is something that can be discussed during our meetings.
By regularly updating your estate plan, you can ensure your assets are distributed according to your wishes and protect your loved ones. While online resources can be helpful, there is nothing that can compare to real-life advice from an attorney who you trust and respect.
Planning for the future brings peace of mind. If you’re ready to start your estate plan—or update an existing one—contact me today. I’m here to help you protect what matters most.