If you have children or have accumulated assets, it’s important to have an estate plan. Otherwise, after your death, critical decisions involving guardianship for your minor children or distributions of your assets will be made without you. And even if you have a plan, it’s important to periodically revisit your plan to ensure that it accomplishes your goals. The following life events represent prime opportunities to review your plan.
Marriage, Divorce, or Remarriage: Your intended beneficiaries often change over time. Thus, you should update the beneficiaries in your will or trust and on retirement accounts and life insurance when you become married, divorced, or remarried. Failure to do so could lead to unintended consequences.
Children: Once you have children, your plan will need an update (and again when they become adults). For example, guardianship issues should be reviewed while your children are young. As they mature, you should consider revising how their inheritance will be distributed—whether in a trust or as an outright distribution.
New Business: It is important to have a succession plan that reflects whether you want your family to take over a business or someone else. If multiple people are included in your succession plan, be sure to include what share of the business will go to each person and who will “run” the business.
New Home: A home increases the value of your estate and the way your home is titled can affect who inherits it after your death. If the purchase involves an out-of-state move, check with an attorney about estate planning laws of your new state.
Changes to your personal priorities, family relationships, and applicable law can affect your estate plan. The estate planning attorneys at Lyons Law Group, LLC offer no cost or obligation consultations to discuss your estate planning goals. For more information, please contact:
Jason C. Tunquist, Esq.
5333 Main Street
Downers Grove, Illinois 60515
Phone: (630) 852-2529 Ext. 104