Steele Law Offices, LLC

Your hometown attorney for life’s legal matters

Call 618-288-9591
to speak with Randall 

Steele Law Offices, LLC

Your home town attorney for life’s legal matters

Randall P. Steele

Personally investing in each client’s legal
objectives and achieving those goals together.

Personally investing in each client’s legal
objectives and achieving those goals together.

When should you consider updating an estate plan?

On Behalf of | Jan 5, 2023 | Estate Planning |

Few people like to think about death, taxes or estate planning. However, periodically reviewing an estate plan ensures that your wishes remain accurate and current.

While reviewing and updating the plan on a regular schedule is wise, certain life events can make checking the document especially prudent.

Divorce

If you go through a divorce, you will likely want to change your will and other estate planning documents. Depending on the settlement details, some of your assets may transfer to another party or require division among multiple people. You can review your current estate plan and make revisions to disburse those assets according to your new wishes.

Death in the family

If a family member dies, consider reviewing their estate plan and your own. If the person appointed an executor, you could contact the individual to start the process of settling the deceased person’s affairs. Additionally, if you are the listed beneficiary on the will or trust, you may want to update the corresponding documents in your estate plan to reflect changes.

Birth of a child

Naming someone as the guardian of your child in case of your own death or incapacity can protect your child’s future. Creating a trust fund for your children can ensure they have access to financial resources as adults, even if an untimely event befalls you.

Change in assets

Whether buying a house or investing in stocks, major property purchases could be a good time to change your will or other legal documents. For example, if you buy real estate with someone else, listing each other as beneficiaries in your wills can prevent disputes if one party passes away before the other.

Significant life crossroads can be beneficial moments for examining wills and trusts. Such preparation can protect against future issues.