I Created An Estate Plan When My Spouse And I Had Kids, Why Should I Update It Now? (Part 2)

In the last post, I wrote about 5 different major life events and changes for which you should revisit and potentially revise your estate plan. Here are 3 more life changes that are cause to take another look at your estate plan and update your documents if necessary:

  1. You may need to change important individuals within your estate plan. If you haven’t updated your estate plan in many years and previously chose a Personal Representative, Agent for your Power of Attorney, or Trustee, take time to revisit this selection. Evaluate whether the individuals you named are still the best choice for your current family and estate situation.
  2. You start or purchase a new business. Although a lot of business owners do an excellent job of building successful businesses, there are less business owners who take the time to create a good succession plan or properly incorporate their succession plan into their estate plan.
  3. You purchased a second or third home out of state. It can be very exciting to buy a vacation home in another state. However, owning this property might require your estate to probate in more than one state. Ancillary probates can be avoided with proper planning.

Estate plans should generally be updated every three to five years, and they may need to be updated even more frequently depending on what major changes may have taken place in your life or your estate. As your family and your financial situation changes, your estate plan should also change.

For help with your estate plan, contact us at Wilson and Wilson Estate Planning and Elder Law, LLC at 708 482 7090 for our main office in LaGrange, Illinois or at 847 656 8958 for our Northbrook, Illinois office.