When to Consider Reviewing an Illinois Estate Plan

 Posted on May 17, 2024 in Estate Planning

One of the few things you can be sure of in life is that change will happen whether you want it to or not. Some people might find that comforting, as an opportunity for new beginnings; others fear change as it stops them from enjoying the things they have grown accustomed to, and still others fall somewhere in the middle. However you feel about it, it is a fact that nothing ever stays the same forever.

With that understanding comes the realization that you should be able to modify various binding agreements. This is true for arrangements you have made regarding custody and child support, your mortgage, and your estate plan. If you are concerned that changes you have or will experience can negatively impact the plans you have made for the future, speak with a skilled Schaumburg, IL estate planning attorney to discuss when estate plan reviews are recommended and how you might modify the arrangements you have already made.

Why Would I Want to Change My Estate Plan?

While the reasons why someone might wish to amend their estate plan are countless, there are some particularly common situations that call for a review and possible modification. These include:

• Marriage: If you get married, whether it is your first or your fifth, it is generally a good idea to go over your estate plan and see whether there are any changes you might find appropriate. 
• Divorce: If you drew up an estate plan in the past that left significant assets to your spouse, you might want to reconsider that if your marriage is breaking up.
• Death: If you made arrangements to leave something behind for someone who has passed away before you, it is a good idea to modify your estate plan and designate new beneficiaries.
• Parenthood: If you and your spouse have a new baby, adopt a child, or have stepchildren joining the family, you might want to address them in your estate plan. If you drew it up before they came onto the scene, it is a good idea to review your current plan and see where modifications can be made.

Schedule a Free Consultation with an Illinois Estate Planning Attorney

If changes in your life have you wondering whether you should make changes to your estate planning, a knowledgeable DuPage County, IL wills and trusts lawyer can offer helpful guidance. At Anderson Attorneys, P.C., we offer compassionate legal assistance to suit our clients’ best interests. Call us at 847-850-8899 to schedule a free consultation.