Five Situations in Which You Need to Update Your Estate Plan

Good estate planning isn’t a one-and-done deal. We’ve heard far too many stories of parents, grandparents, husbands, and wives who sit down with an attorney to make an estate plan on one occasion and then never touch it again. When they pass away or become incapacitated, their loved ones are often left with more questions than answers when they look at the individual’s estate planning documents which express the person’s wishes as they were five years, ten years, twenty years, or even longer in the past. Your wishes will change. So will your family. That is why keeping your estate plan up to date is so important. Read on to discover five scenarios in which it is imperative to update your estate plan.

  1. Marriage.

If you get married, you will need to revisit your estate plan right away. The right estate plan for a single person is typically very different from the right estate plan for a married person. It may be wise for you and your new spouse to sit down with an attorney together. It will be important to look at how shared property is titled. If you have children from a previous marriage and want them to inherit your assets after you pass away, you’ll need to make sure your estate plan reflects this.

It’s also a good idea to revisit your estate plan any time a close family member, such as an adult child, gets married. This may make a difference in how you want to handle certain matters.

  1. Divorce.

Ending a marriage should also trigger you to update your estate plan. Again, what worked when you were married probably won’t be the best fit now that you’re single. You likely wanted to leave a significant portion of your assets to your spouse when you were married, and now you must decide where else they should be directed instead!

  1. Births.

When a new child or grandchild is born, updating your estate plan is one way to celebrate. You likely want to make sure this brand new family member will be provided for after you are gone. The way to make this happen is to ensure that they are included in your estate plan.

  1. Deaths.

When a loved one passes away it can be hard to think about practical matters like your estate plan. Nonetheless, you should revisit your plan as soon as you possibly can. If you left money to the person who died in your will, you will need to re-allocate it. You’ll also need to choose another person if they were intended to fill roles like trustee, power of attorney, or executor.

  1. More than three years have passed.

Never let more than three years pass without reviewing your estate plan, even if none of the events described above have occurred. This is the best way to make sure it evolves along with you and your family.

If you are ready to update your estate plan, the team at Auricchio Law Office is here for you. Contact us today.

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Auricchio Law Offices

Auricchio Law Offices in Chicago provides a complete range of real estate services. We facilitate residential and commercial real estate transactions, advise and represent condominium associations, and represent property owners in real estate litigation. Whatever your real estate issue, we will work diligently to achieve your goals in a timely and efficient manner.

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