Conducting a Year End Estate Planning Review

 Posted on December 23, 2013 in Estate Planning

With the New Year on the horizon, now is a great time to review all of your estate planning documents and get them updated. Don't let this important review pass you by-if your circumstances have changed at all you need to revise your documents. To ensure that your materials are up to date, set a yearly calendar reminder to look them over before the new year starts. If you need changes to your documents, reach out to an estate planning attorney today to get your appointment scheduled. Skipped making your will and other documents last year? Now is a great time to get your house in order.

Another reason that the end of the year is a great time to conduct an annual review on your documents is that when there are changes in federal or state law, they tend to take effect starting in January. This upcoming year is no different, as there are several changes in estate planning law that are coming in 2014. Starting in January, 2014, the amount of tax free transfers to family in a lifetime is increasing by $90,000. Doing your annual review now allows you to speak with your estate planning attorney about changes that might affect your documents or your estate.

This time of year is a good opportunity to remind relevant individuals, like your trustee or beneficiaries, where your documents have been stored. Knowing where items are makes it easier to find them but it also limits the chances of family arguments about the "right" version of your will or trusts.

Have any major life changes happened in the past year? Gotten married or divorced? Given birth, adopted, or met a new grandchild? All of these occasions might shift your estate planning needs, so you should definitely take another look at your documents this year. Make a list of all the changes that you need to your current documents and reach out to the offices of your Illinois estate planning lawyer today.