7. When Should I Revise an Estate Plan?
At WPD, we believe your estate plan is intended as a living creation that can and should change as your needs change. There are certain times in your life that you should consider changing your estate plan or at least reviewing your choices. Some of the most important items on that list are set forth herein. This list is not meant to be exhaustive, but merely a starting point for when to review your estate:
- After the death of the first spouse to die (if this is due to a long term illness, check things out before death);
- After the death of a child;
- If your agents, trustees, guardians or executors die, or if you decide they are no longer suitable to perform the task contemplated;
- After the death of a parent or if you inherit money from anyone’s estate;
- After changes in your family structure due to divorce or separation;
- Prior to remarriage;
- If your financial status changes due to significant growth or diminishment of assets;
- If you move out of the State of Illinois;
- As your life stages change- when your children go to college, move out, marry, have grandchildren, you retire, etc.;
- As the health care laws change or as your wishes regarding health care change;
- If tax laws change;
- If other Illinois laws change; or
- Every 5 to 7 years.
We hope this list is helpful to living with your living trust and estate plan. At WPD we believe that your estate plan should work for you as your life changes. We look forward to working with you as your life evolves.
For more information on other estate planning topics, please see:
- Estate Planning FAQ – What to bring?
- Estate Planning FAQ – Gifting
- Estate Planning FAQ – Life Insurance
- Estate Planning FAQ – Protect minor children
- Estate Planning FAQ – What is an Estate?
- Estate Planning FAQ – Imminent Death
- Wills and Probate
- Estate Planning FAQ – Is Probate Required?
- Estate Planning FAQ – Preparing for Initial Meeting
- Estate Planning FAQ – Personal Mission Statement
- Estate Planning FAQ – Revising an Estate Plan
- Planning For Long Term Care
- The Power of Attorney for Property
- Some Things In Life Are a Shock
- Misconceptions Affecting Assets After Death
- Estate Planning in the Springtime of Your Life
- Estate Planning in the Summer of Your Life
- Estate Planning in the Autumn of Your Life
- Estate Planning In the Winter of Our Lives
For more information contact us at 847-253-8800 or firstname.lastname@example.org