Reasons to update your estate plan may not be as obvious as you think. While completing your estate plan brings peace of mind, don’t forget that your estate plan should change as your life changes. As you move through the different phases of your life, your plan should move along with you. There are many reasons that may seem obvious as to when your estate plan should be updated, but there’s also a few that may not trigger the thought to update your plan. Here are some reasons to update your estate plan that you may not expect.

Reasons to Update Your Estate Plan

The obvious reasons to update your estate plan are typically the big life events- getting married or divorced, having kids or grandkids, or just changing your wishes. But there are a few reasons that may not seem as obvious.

  • Retirement
  • Change in investments or value of your assets
  • Receiving a large gift like an inheritance or a windfall like winning the lottery
  • Becoming a caretaker

A change in the value of your assets, for whatever reason, should warrant an update to your estate plan or at least a conversation to check in with your estate planning professional. There may be tax ramifications to consider, or other financial implications to consider when there’s a significant change. If your responsibilities have changed in any way, talk to a professional to see if you need an update.

Anytime you have a life change and you’re not sure if you need to update your estate plan, contact your estate planning professional. If you’re in Illinois or Wisconsin we are here to help. Contact us and let us know how we can help.

Disclaimer: This article is intended to serve as a general summary of the issues outlined therein. While this article may include general guidance, it is not intended as, nor is a substitute for, qualified legal advice. Your review or receipt of this article by Lexern Law Offices, Ltd. (the “LLG”) or any of its attorneys does not create an attorney-client relationship between you and the LLG. The opinions expressed in this article are those of the authors of the article and does not reflect the opinion of the LLG.

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Mr. Feldman believes that communication is the key to any successful relationship with his clients. Encouraging open communication and being easily available to answer clients’ questions has allowed him to build long-term partnerships and trust with his clients. Importantly, Mr. Feldman spends significant…

Mr. Feldman believes that communication is the key to any successful relationship with his clients. Encouraging open communication and being easily available to answer clients’ questions has allowed him to build long-term partnerships and trust with his clients. Importantly, Mr. Feldman spends significant time and effort educating his clients on estate planning options and various business opportunities and associated risks, encouraging them to take a proactive approach to their future and the preservation of their legacies.

Mr. Feldman has been providing professional services to sophisticated clients at some of the largest accounting and law firms and through Lexern Law Group, which he founded in 2010. Mr. Feldman and his wife, Irina, have been married for over seventeen years and have four children. In his free time, Mr. Feldman enjoys traveling, practicing martial arts, and riding his motorcycle.