How Often Does An Estate Plan Need To Be Updated?
Having an established estate plan is a great first step, but your planning does not end there. Keeping your estate plan up-to-date is just as critical as creating one in the first place. As with any plan, documents need to be reviewed and updated periodically. How often a plan needs to be updated will vary based on your individual circumstances.
At The Law Offices of Peter F. Ferracuti, P.C., we provide customized estate planning services to fit your needs. No matter where you are in the process or how much time has passed since your documents were last reviewed, we can help to ensure you and your loved ones stay protected.
Why Do Estate Plans Require Routine Updates?
Creating and revising an estate plan requires serious consideration. There are a myriad reasons why estate plans need updating, some of the most notable include:
- Change in relationship status
- Birth or adoption of a child
- Named individual(s) are now deceased
- Sale or purchase of property
- Change in health status
- Children are no longer minors
- Change in guardians, beneficiaries or trustees
- New state laws
- More than three to five years have passed since last review
If you can identify with one or more of the listed reasons, it is important to consider how these changes may affect your future plans. As experienced Illinois estate planning attorneys, we know how to efficiently guide you through the process. We will answer your questions, provide support and advise you on any concern that may arise.
Is Your Estate Plan Up-To-Date?
To ensure your interests remain protected, schedule a free initial consultation with an experienced estate planning lawyer. Reach out online or call our Ottawa office at 888-488-4LAW(4529) or 815-434-3535.