Review and Update Your Estate Plans Every December to Ensure Accuracy

 Posted on December 07, 2018 in Estate Planning

It seems like just recently that we ventured into the year 2018, but soon this calendar year will come to a close. As you ready yourself for the new year, take some time to evaluate your estate plans. Although it may seem like a chore, scheduling regular estate plan “maintenance” is critical to ensuring that your estate plans reflect your actual wishes. Keeping estate plans up-to-date can take some time and energy, but the peace of mind you will feel knowing that your estate plans are current, accurate, and legally-binding is well worth the effort.

You Give Up Control Over Inheritance Decisions Without an Estate Plan

A comprehensive estate plan allows you to make decisions for your future which would otherwise be decided by others. Not only can estate planning tools like a will or trust help you decide how your property is divided after you pass, it also protects your financial interests and rights while you are living. When no valid estate plan exists and an individual dies, his or her wealth and property is distributed to heirs according to Illinois state law.

Evaluate Your Current Estate Plan

When reviewing your estate plan, consider the following questions:

• What changes has the family experienced this year? If family members named in your estate plans have gotten married or divorced, given birth or plan to have a baby, moved, or experienced other major life changes, this may affect your estate plan. 
• Do you want to change the executor of your will, powers of attorney, guardians, trustees, or heirs?
• How has your financial status changed? Are there any changes in income, expenses, investments, charitable giving, or personal business this year?
• Have you made major purchases this year or sold expensive assets?
• Are the end-of-life directions in your estate plans still an accurate reflection of your current desires?
• How will new tax laws affect your present estate plans?

As the saying goes, the only thing certain in life is change. Spending time every December accounting for these changes in your estate plan can help ensure that your final wishes will be fulfilled.

Contact a Knowledgeable DuPage County Estate Planning Attorney for Guidance

Nobody likes to face their own mortality, but keeping estate plans accurate and up-to-date can save your family members from unnecessary complication and confusion in the future. The experienced Lombard estate planning attorneys at A. Traub & Associates are ready to help at any stage of the estate planning process. Call 630-426-0196 for a confidential consultation today.

Sources:

https://money.usnews.com/money/personal-finance/family-finance/articles/2017-07-14/10-essential-estate-planning-tips-everyone-should-know

https://www.forbes.com/sites/investopedia/2012/02/23/5-estate-planning-tips/