7. When Should I Revise an Estate Plan?
At WPD, we believe your estate plan can, and should, change as your personal circumstances, needs, and the laws change. There are certain times in your life at which you should consider changing your estate plan, or at least review your choices. Some of the most important times are set forth below. This list is not meant to be exhaustive, but merely a starting point for when to review your estate plan:
- After the death of your spouse;
- After the death of a child;
- If you are suffering from a long-term illness;
- If your agents, trustees, guardians or executors die, or if you decide they are no longer suitable to perform the tasks contemplated;
- After the death of a parent, or if you inherit money or other assets from anyone;
- After changes in your family structure, due to divorce or separation;
- Prior to or immediately after marriage;
- Prior to or immediately after having a child;
- Prior to remarriage;
- If your financial status changes, due to significant growth or diminishment of assets;
- If you move out of Illinois;
- If you move into Illinois from another state or country:
- As your life stages change – For example, when your children go to college, move out, marry, have children of their own, 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 3 to 5 years.
We hope this list is helpful in understanding when you should review, and possibly update, your estate plan. At WPD, we believe that your estate plan should work for you as your life changes. We look forward to helping 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