6 Signs It's Time To Update Your Estate Plan

6 SIGNS IT'S TIME TO UPDATE YOUR ESTATE PLAN While we are all "social distancing" and spending more time at home, this may be a great time to dust off your old Will (or Trust), Powers of Attorney for Property and Health Care and review these documents to ensure your estate plan expresses your current wishes. Here are 6 signs that it may be time to schedule a review of your estate plan with our office (we offer virtual consultations!): YEARS... Has it been more than 4 or 5 years since you signed your estate plan? Powers of Attorney for Property and Health Care should be updated every 4 to 5 years as these forms can go "stale." Also, a lot can change in 4 to 5 years, as discussed below! MAJOR LIFE EVENTS Marriage, death of a spouse or loved one, divorce, and the birth or adoption of a child can all impact your estate plan. RELATIONSHIPS CHANGE Are you still close with the individuals named in your estate plan as Executor, Power of Attorney for Property or Health Care, Trustee, and as Guardian of your children? Are the individuals you named in your estate plan the same people you would name today if you were to update your estate plan? CHANGES IN THE LAW Have there been significant changes in the law that could impact your estate plan? For example, the Illinois estate tax (imposed on estates over $4,000,000 at death) and the SECURE Act (which impacts beneficiary designations and now requires a payout of retirement plans for a non-spouse within 10 years after death). YOU'VE MOVED Was your estate plan done in another state where you used to live but now you are an Illinois resident? Different states have different laws so your estate plan may no longer work in the same way you intended. YOUR CHILDREN How will your children receive their inheritance and is that still the best structure? Is your children's inheritance protected in a trust from creditors or a divorcing spouse? Is the age when a child receives their inheritance still appropriate? Are your children all financially responsible? WE CAN HELP If any of the above indicate that it may be time for you to review and update your estate plan, please contact any of our GSRNH estate planning attorneys (Howard Hoff, Michelle Hanlon, Daniel McCarthy Ill, Mark Lara, or Robert Goldstine) or at 630-655-6000. You do not need to come to our office to review your estate plan - we can meet over Zoom or Skype! Take advantage of this while you are working from home - now is a great time to get your estate plan pieces in place.