Just like performing routine maintenance on your furnace or bringing your car in for a tune up, making sure your estate planning is updated is very important to the health of your estate plan. The Schaumburg estate planning attorneys at Kelley, Kelley & Kelley can meet with you to review your old or existing estate plan and make sure that it meets with your goals and needs. Make an appointment with our estate planning attorneys to discuss your estate planning update.
Why should you update your estate planning?
- The Law Changes.
Laws are frequently updated and changed and that may affect your estate planning. What may have been sufficient or beneficial 5 or 10 years ago may no longer be effective or beneficial. Requirements for powers of attorney may change, changes to trust law may occur, and there may be substantial changes in ways to avoid probate expenses. Most people, outside of attorneys and financial advisors, do not keep track of changes in the law that may affect estate planning and the need to update.
2. Tax Laws Change.
Tax laws change even more frequently than estate planning laws. Changes in tax law may allow you to more easily avoid probate, they may necessitate a change in trust provisions, they may change the way you hold property and they may necessitate a complete overhaul of your estate planning. Meeting with estate planning attorneys for a routine review of your estate plan is the only way to ensure your estate plan works best for your needs and determine if your estate planning needs to be updated.
3. Life Changes.
As 2020 has made perfectly clear we never know what is around the next corner and changes in your life may necessitate a change to your estate plan. Family and friends may move away which may require you to change agents on your power of attorney. Family and friends may pass away which could necessitate a change to your beneficiaries or a change to those individuals you select to serve as your agent. You may change your priorities which could result in changing your beneficiaries and may necessitate an update to your estate planning. You may make less or more money or have gained or lost assets which may require changes to your estate plan.
Our Schaumburg estate plan attorneys can work with you to determine whether your existing estate plan still meets with your goals and needs. We work with estate planning in Schaumburg, Hoffman Estates, Bartlett, Streamwood, Barrington and throughout the Chicagoland area. Contact us today to set up a consulting to discuss updating your estate planning.