Estate Planning Lawyer
It’s important to be aware that, once you create an estate plan, you must continuously update it over time. As nice as the thought of creating an estate plan one time in your life may be, it’s not a reality. Estate plans are required to be living, breathing, documents. Are you considering whether you need to write an estate plan? Perhaps you wrote one years ago and have since failed to keep it up to date. Don’t make this significant mistake that many have made over the years. Creating an estate plan and leaving it on a shelf is not an effective way of putting together a clear plan in the event of your passing. All the hard work, time and money you put into developing the estate plan may go to waste should your estate plan be significantly outdated. A law firm can create an estate plan should you need one, and help you quickly and painlessly keep it updated over the course of your lifetime. Here are tips that you should consider when reviewing your estate plan:
Consider Whether You Need to Make Updates
Even if you do not believe you have experienced any significant life changes, it may still be a good idea to review your estate plan at least every five years. Some people even make a habit of doing this on a yearly basis. There’s no loss in reviewing your estate plan. By doing so, you can ensure that you have a clearly outlined and updated estate plan.
There are a number of situations that should trigger you to contact a lawyer to update your will. While some cases may seem obvious, others you may never have thought to consider. Making sure that you have properly updated your estate plan when faced with such changes can give both you and your family the confidence in knowing that your estate plan has been updated in a timely manner. Consider updating your estate plan for the following reasons:
- Birth or Adoption
- You want to plan for children’s education
- Someone named in your will has passed away
- Changes in the value of your assets
- You need to make changes to the guardian you assigned to oversee your children
There’s no need to fret over ensuring that the proper updates have been made to your estate plan. These changes should prompt you to contact your attorney so that you may discuss whether it’s necessary to make changes. An attorney can help you painlessly make the changes you require so that your estate plan clearly reflects your current situation, and your wishes.
Make Sure You Get Rid of Old Estate Plans
Old or outdated estate plans can only create confusion amongst family members. Avoid disputes or problems later on by making sure that you have destroyed estate plans that are outdated. Anything that is no longer up to date should no longer be held in your possession. Additionally, keep all estate planning documents in a safe place where loved ones can access it should they need to. This should be in the same place as other important papers that they would need to gain access to in the event of your passing. While some choose to store important documentation in a safe deposit box with the bank, others choose to keep them at home. Whatever you choose, make sure that they are able to be accessed when needed and, that they are in a place where they are protected in the event of the unexpected.
Do you have an outdated estate plan tucked away somewhere? Or, perhaps you have not taken the time to create an estate plan altogether. Not to worry. Contacting a law firm can alleviate the uneasiness you may be feeling by not having clear and updated plans in place. Move forward with an estate plan that outlines your final wishes and provides your loved ones with the road map they need after your passing by scheduling an appointment with an estate planning lawyer Bloomington, Illinois offers as soon as possible.
Thanks to Pioletti & Pioletti for their insight into estate planning and updating your estate plan.