Updating Your Illinois Estate Plan

 Posted on May 01,2012 in Estate Planning

Studies have shown that a significant number of American's do not have a will or any other estate planning documents. Illinois residents who have had a will drafted, or a full estate plan drawn up, may feel ahead of the game. And while it is a good thing to have done the proper estate planning, it's just as important to make sure you update your estate plan every few years as circumstances change.There are several reasons for this, including:

• Changes federal estate tax and gift tax laws
• Different family circumstances, such as a birth, death, marriage or divorce
• Entering or leaving a business arrangement
• Changes in your own financial situation or that of a family member
• New life insurance policies
• Substantial changes in your investments.

These are just few of the important reason's why it's necessary to review and update your estate plan documents periodically.

It's recommended that you consult an experienced DuPage County estate planning attorney to discuss updating your estate plan. An Illinois estate planning lawyer knows what questions to ask to ensure that all needed documents are updated, and can make sure no information slips through the cracks. For example, you may remember to revise your will after getting divorced and remarrying, but neglect to remember to update the beneficiaries on your life insurance policy. If you were to die, your beneficiary could still be your ex-spouse.

Contact the top DuPage County Illinois estate planning attorneys at Stock, Carlson & Asso. LLC to discuss updating your estate plan.