Your Illinois Estate Plan Should Not Be a Set-It-and-Forget-It Endeavor
Making a plan for your Illinois estate is one of the most vital things that you can do to protect your family by ensuring that they receive their inheritance without any issues.
Whether you choose to write a will, enact a trust, or both, you must consider your estate whenever you think about settling your affairs.
However, estate planning should not be a one-and-done endeavor. Many significant changes in your life can justify changing your estate plan, so you must be ready to adapt to whatever life can throw at you if you want your estate to properly care for your family.
Luckily, Diamond Legal is there for you every step of the way. No matter what major life events require you to change your estate plan, our experienced McHenry, Illinois estate planning attorneys can help you make sure your affairs are in order.
Account For Changes
Things can change in your life that you don’t expect, for better or worse.
You may find yourself in possession of a new house or a new car – you might even move. In some instances, a new marriage or the birth of a child may affect the contents of your estate plan. Alternatively, one of your beneficiaries may pass before you do, or you may go through a divorce.
These cases help to prove just why updating your estate plan can be so important.
If you leave something out of your will or trust, it could end up in probate court and may not end up where you want it to go. For significant possessions such as real estate, this can be a devastating loss for your entire family.
Therefore, the best practice with an estate plan is to change it as needed.
You may want to account for all possible occasions during your initial estate planning, but sometimes things happen that you can’t expect. In these unforeseen circumstances, Diamond Estate Planning can help you update your estate plan.
Changing Your Will And Trusts
When major life events occur, your first thought may be to update your will or trust.
As the most significant part of your estate, these will be the first things affected by unexpected events.
Diamond Legal is ready to help you alter your will and trusts as necessary. However, there are some parts of your estate that you cannot change or otherwise may be a challenge, such as irrevocable trusts.
Irrevocable Trusts
Once you have set up an irrevocable trust as part of your estate, you won’t be able to alter it.
While irrevocable trusts do have plenty of uses to help your family meet their needs, they can prove an obstacle when you must deal with significant unexpected changes in your life.
Business Owners Need an Illinois Estate Plan, Too
In addition to familial changes and asset changes that you may want to make to your estate plan, if you own a business, it’s important to have an estate plan that remains up-to-date, as well.
Illinois business owners need an estate plan for the following reasons:
- Protecting your family
- Ensuring your wishes are carried out
- Managing your debts and taxes
- Minimizing the estate tax
- Making sure your McHenry, IL estate does not go through probate
But in order to ensure all of these protections are in place, you need to make sure to update your estate plan every 3-5 years, or any time there is a big change in your personal or business life.
Contact Diamond Legal Today
Our experienced attorneys at Diamond Estate Planning are here to help you start your estate plan and ensure the proper changes are made throughout your life. Contact our McHenry, IL office today to learn more.
DISCLAIMER: Any information contained herein is solely for informational purposes. While it is important that you educate yourself, nothing herein should be construed as legal advice or create an attorney-client relationship. For specific questions, we urge you to contact a local attorney for advice pertaining to your specific legal needs.
