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Periodically Review and Update Your Estate Plan

Posted on in Estate Planning

Lombard estate planning lawyerDo you have a written plan for what will happen to your assets and debts upon your death? Is there a documented contingency plan in place for your children in the event that something happens to you? If the answer is yes to either or both of these questions, you have made excellent decisions in being prepared for the unexpected. If the answer is no, it is time to start looking ahead. For those that do have an estate plan in place, it is very important to revisit it from time to time, checking to make sure that the terms of your plan continue to be applicable to your current state of affairs. Estate planning is not a “one-and-done” type of affair; it is an ongoing process that you must continue to address to a certain extent for the rest of your life.

More Assets and Wealth

Assuming that you are still of working age, you will likely continue to accumulate wealth each year. You may set additional savings aside for retirement, or you may invest what you are earning in the hopes of a substantial return. As your wealth and net worth grows, you may wish to amend your estate plan to properly account for your added assets. There may be new tools or tax advantages available to you now with your additional wealth that were not available at the time your estate plan was created.

Adding or Removing Beneficiaries

As time goes by, your relationships with certain family members and other individuals may change. This could result in you adding them as beneficiaries to your will or living trust. It could also result in you removing them as beneficiaries. Concerns like these are especially important if you have recently gotten married or divorced or had another child.  

Administrative Duties and Powers of Attorney

Certain estate planning tools allow or require you to appoint another party to make decisions on your behalf when you are no longer able to do so. Powers of attorney for health care or property, for example, give another person authority over a particular portion of your affairs. Likewise, the executor named in your will must be ready to help in managing your estate. It is important to review documents like these to be sure that the person you have chosen is still capable of carrying out his or her assigned responsibilities.

Let Us Help

The beginning of the new year is a good time to make a resolution to review and update your estate plan, and our experienced Lombard estate planning attorneys can help you. Call 630-426-0196 to speak with a member of the team at A. Traub & Associates today.

 

Sources:

https://www.fidelity.com/estate-planning-inheritance/estate-planning/update-estate-plan

http://www.marketwatch.com/story/review-your-estate-plan-against-this-14-point-checklist-2015-07-20

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