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:

For more information contact us at 847-253-8800 or info@wpdlegal.com