Should you update your will periodically?

On Behalf of | May 5, 2021 | Uncategorized

Every person in Illinois should update their will after undergoing a major life change. Some changes are obvious, but even minor changes might require a revision. Otherwise, you don’t know how your will might be received after your death.

When is it essential to update your will?

Most people know that they should think about estate planning after they get divorced. However, you might want to update your will before you even talk to a divorce attorney. It might seem unthinkable, but if you die before you officially get divorced, your spouse will still be entitled to anything that you left them in your original will.

You should also revise your will if one of your children is about to get married. If you include a trust for your child in your will, their spouse will have a harder time seizing these assets if they get divorced. Your estate law attorney might have more advice on making sure that your children don’t lose their inheritance to divorce.

You might also need to keep up with the latest tax laws. If the state or federal tax laws change, your current will might no longer be applicable. For example, your will executor may have to figure out another way to pay estate taxes if you don’t plan for it in your will. Depending on the new laws, your estate might have to pay more than you anticipated.

Should you hire an attorney?

It’s best to have an attorney look at your will after you revise it. Some people make mistakes during the revision process without realizing it. An attorney may help you update your estate plans without accidentally compromising your will. They may also educate you about the latest tax laws and help your loved ones get the most out of your estate. Plus, an attorney might bring up issues that you wouldn’t have thought about.