How to Update Your Estate Plan

An estate plan involves preparing necessary managerial tasks for heirs in the event of incapacitation or death of the property owner. The planning procedures include the bequest of assets, an arrangement of estates, and settling of the estate taxes. It would be best if you expedite the update of your estate plan, as this ensures the preservation of your assets and personal properties.

One of the good things about an estate plan is that it cannot become expired once it is set up. However, regular updates keep the plan new and functional, and up to date with any life changes that have occurred since first creating your plan. Therefore, during planning, there is a need for an estate planning lawyer’s expertise and professionalism. 

When updating your estate plan, you also need to keep in mind that laws and policies are specific to each state. Each state has different rules that guide how individuals’ estates become planned and, in turn, preserved. An estate planning attorney, like Schottler & Associates, can inform you of your state’s laws when updating your plan. What are some necessary things to take note of while updating your estate plan and what should you look out for in an Estate Planning lawyer, especially in Chicago?

Why You Need to Update Your Estate Plan

An estate plan has several important purposes, one of which includes the preservation of your personal properties and assets. However, the need to update your plan goes far beyond that primary function. Other reasons why you should consider updating your plan include the following:

Caring for your children

One of the reasons to update your plan is if you wish to care for your children with your assets and properties. Revisiting how you want your plan to provide for your children is essential and, as such, requires an update. For instance, if your spouse has children from their previous relationship and wishes to include those children in your plan, an update is necessary.

Changes to your marital status

Another reason for an update is in the case of an unplanned event such as marriage and divorce. If you are a newlywed, you may want to update your plan to include your new spouse. On the other hand, you will need an update in case of a divorce if you wish to remove your ex-spouse’s name as a beneficiary.

How to Update Your Estate Plan in Chicago

Since the planning of an estate differs from one state to the other, you need to note the significance of your personal location when searching for an estate planning attorney. If you live in Chicago or the surrounding area, you can take the following steps:

• Acquire the professionalism of an estate planning lawyer to help you with any necessary documentation
• Get accustomed to the estate planning laws, technology, and changes in your state.
• Update your will regularly and properly by accounting for personal properties and assets
• Review and update any health care directives and powers of attorney
• Organize and revise your paper and digital files and records.

Now that you understand the importance and need to update your plans, you may contact a professional Chicago estate planning lawyer to help you out. Reach out to us at Schottler & Associates to help you with the next steps in updating your estate plan.