Creating an estate plan is a key step, but it should not be the last one. Over time, your family, finances, property, relationships, and wishes may change a lot. Illinois law can also impact how older estate planning documents work after major life events. A will, trust, power of attorney, or beneficiary arrangement that once fit your needs may not do so anymore. At Bruning & Associates, P.C., we recommend reviewing your estate plan regularly and making updates as needed so your documents reflect your current wishes.
1. You Got Married Or Divorced
Marriage and divorce are among the most important reasons to review an estate plan. Under 755 ILCS 5/4-7, an Illinois divorce or declaration of invalidity generally revokes provisions in a preexisting will that leave an interest or fiduciary appointment to a former spouse. The will then generally operates as though the former spouse died before the person who made the will.
Illinois law also addresses divorce in connection with revocable trusts. Generally, 760 ILCS 3/605 revokes certain provisions that benefit or appoint a former spouse after a judicial termination of marriage, subject to the statute’s terms and exceptions.
We suggest looking over your whole estate plan after a marriage or divorce instead of relying on Illinois law to give you the outcome you want.
2. Your Family Has Changed
If you have a new child or grandchild, your old estate plan might not cover everything you want. The same goes for when children grow up, beneficiaries need to change, or your relationships shift.
Your estate plan names your beneficiaries, explains how your property should be managed, and chooses who will follow your instructions. If your family has changed a lot since you made your plan, we can help check if it still matches your current priorities.
3. Your Financial Situation Has Changed
If your assets have gone up or down significantly, it’s a good time to review your estate plan. Buying or selling a business, getting real estate, receiving an inheritance, retiring, or changing your investments can all affect how your plan works.
This is particularly important when a revocable trust is involved. Under 760 ILCS 3/602, a settlor may amend a trust when the trust expressly provides that it is revocable or amendable. We can review both the trust provisions and how assets are titled to determine whether the plan remains consistent with your objectives.
4. Your Chosen Decision-Makers Are No Longer Appropriate
Your estate plan might list executors, trustees, guardians, or agents for your powers of attorney. Over time, someone you chose could pass away, move, become unable to help, or just not be the right person anymore.
Illinois powers of attorney are governed by the Illinois Power of Attorney Act, 755 ILCS 45/. Reviewing these documents allows you to reconsider who should make financial or health care decisions if you cannot act for yourself.
5. Your Estate Plan Is Several Years Old
Even without a major life event, an older plan deserves periodic review. Your preferences may have changed, assets may have been acquired or sold, and documents may contain provisions you no longer want.
Illinois law establishes specific requirements for changing estate planning documents. For example, 755 ILCS 5/4-7 identifies the methods by which a will may be revoked and provides that a totally revoked will is not revived unless statutory requirements are satisfied. Updating an estate plan should therefore be done carefully rather than by informally marking up an old document.
Speak With A Chicago Estate Planning Lawyer At Bruning & Associates, P.C.
An estate plan should reflect your life as it exists today, not the circumstances you had years ago. Marriage, divorce, children, significant financial changes, new property, retirement, or changes in the people you trust can all justify taking another look at your documents. Even when there has been no major life event, a periodic review can help determine whether your will, trust, powers of attorney, and related planning documents still accomplish your goals.
Bruning & Associates, P.C. assists clients with estate planning matters throughout the Chicagoland area. With law offices in Chicago, Crystal Lake, and Schaumburg, our legal team can review your current estate plan, explain how Illinois law applies, identify provisions that may need attention, and prepare appropriate updates based on your present wishes and circumstances. Please call Bruning & Associates, P.C. at (815) 455-3000 to receive your free consultation with our Chicago estate planning attorney.
