Now Is the Perfect Time for Your Annual Estate Plan Review

review, Naperville estate planning attorneyBelieve it or not, 2018 is coming to a close, and soon we will venture into the year 2019. Before the New Year arrives, take some time to review and update your estate plan. Regular estate plan upkeep is critical to ensuring that your estate plans reflect your current wishes regarding end-of-life care and inheritance. Understandably, you may be hesitant to put one more thing on your December “to-do” list. However, taking some time every year to check if any updates need to be made to your estate plan prevents inaccuracies from building up and becoming unmanageable in the future.

You Relinquish Control Over Inheritance Decisions When Your Estate Plan is Unenforceable

Studies show that a surprising number of adults do not have a will or other estate planning documents in place to dictate how decisions about inheritance and end-of-life care are made. Not having an estate plan is a risky proposition. Those who pass away without a will, trust, or other estate plan in place will not have a say in how their assets are divided among heirs. When no estate plan is found or the only estate plan is not legally-enforceable, inheritance decisions will be made according to Illinois state law. In addition to giving up control of how your assets are distributed, dying without an estate plan also puts your family in the burdensome position of assuming what your final wishes are.

Comb Through Your Current Estate Plan for Needed Updates

When studying your estate plan, contemplate what changes have taken place in your family this year. Have family members gotten married or divorced? Do you have new grandchildren or other family members you wish to include in your estate plans? Do you want to modify your choices for the executor of your will, trustees, guardians, powers of attorney, or heirs? Have any major financial changes taken place this year? Taking time to account for changes as they happen helps keep your estate plans as accurate as possible.

Contact an Experienced Naperville Estate Planning Attorney for Help

Keeping estate plans up-to-date may seem like a chore, but it is a habit that can give you peace of mind and save your family from needless complication and stress in the future. For sound legal guidance regarding estate plans, contact the knowledgeable DuPage County estate planning lawyers at The Gierach Law Firm. Call us to schedule an initial consultation at 630-756-1160 today.

 

Sources:

U.S. News & World Report

Forbes