When Illinois residents create an estate plan, is that all there is to it? In short, no. You must keep your estate plan updated. It is a reflection of your current life circumstances. It aids the people you leave behind after your passing.
So when should you update your estate plan? Are there specific times? People choose certain life changes to update their plans. Today, we will look at familial changes.
How do estate plans relate to family matters?
Forbes looks at many reasons people may alter estate plans. Familial reasons are on the list. Your estate plan distributes assets to your loved ones and family members. Unfortunately, family relations do not always stay the same. These changes make it necessary to update your plan.
For example, you may need to remove someone from your estate plan. A common example is if you have a spouse that you divorce from. You do not want them getting your assets after your passing. Another, less common example is the loss of a family member. If they pass away before you, you must remove them from the plan, too.
Adding new members to an estate plan
You can also add family members to an estate plan. Examples include marriage or remarriage. It can also involve the inclusion of a child through birth or adoption. Finally, it can include adult children who need support. Let us say a relative ends up injured and in need of care. You can include them in a trust in your estate. This way, you can continue supporting them after your passing.
By having these things in order, you ensure your estate plan is up to date. This accurate reflection will keep things easy for your loved ones.