Life Changes That May Require an Estate Plan Update

estate planning, life changes, Naperville estate planning attorneyIf you have already developed an estate plan, congratulations! You are in the minority, but you have taken the steps toward providing security for your loved ones. However, it is also important to understand that there are certain situations or life changes that may require you to update or make amendments to your estate plan. As a Naperville estate planning attorney, I can help you know how to recognize the need for such updates and will work with you in utilizing new tools and developing terms to meet your evolving needs.

Getting Married or Divorced

When you get married, your new spouse does not automatically become your beneficiary on most estate planning documents. Instead, he or will only inherit a portion of your estate unless you update your will. Alternatively, you must also take direct action to remove someone from your estate plan. In some cases, this may include provisions in a prenuptial agreement or divorce judgment, in addition to an updated will, may be used to nullify your ex-spouse’s inheritance rights.

Blended Families

Wills, trust, and other estate planning instruments involving blended families are often the most complex. This is because, unlike a more traditional estate plan naming just a spouse and surviving children as beneficiaries, there may be allotments to an ex-spouse, children from a first marriage, adopted children, stepchildren brought into the marriage, a new spouse, or maybe even stepchildren of your ex-spouse. Regardless of your family’s structure, a skilled estate planning attorney can ensure all applicable laws are considered and that your wishes are fully addressed.

Birth or Adoption of a Child

The joys of parenthood come with a lot of responsibility, and updating your estate plan is just one of them. From determining who would care for your child in the event of your death to deciding who will handle the assets of your child’s benefits, updating your estate plan after a child’s birth or adoption is an absolute must. You might even consider updating your estate plan following the birth or adoption of a grandchild

Moving to Another State

This important change is one that even the most savvy estate planners often miss. It is, however, a critical one to consider. Each state has its own set of laws, which could significantly impact the value and taxation of your estate. Ensure that these factors have been considered by setting up an appointment with a local estate planning attorney.

Work With a DuPage County Wills and Trusts Lawyer

No matter when or how life changes, and regardless of the size of your estate, a skilled Naperville estate planning attorney can help you and your family find the best possible solution. Attorney Denice A. Gierach, offers more than 40 years of experience and consistently provides creative solutions for her clients. To learn more, schedule your initial consultation by calling The Gierach Law Firm at 630-756-1160 today.

 

Sources:

Fidelity

Forbes