Life changes quickly. One year you’re buying a new home or welcoming a child, and before you know it, retirement is right around the corner. Amid all that, it’s easy to forget that your estate plan needs to grow with you. October is National Estate Planning Awareness Month, the perfect time to give your documents a quick checkup and be sure they still match your goals.
At Woods & Bates, P.C., our firm helps families protect what matters most. We also offer virtual estate planning services, making it simple to meet with us from anywhere.
When Life Happens: Key Moments That Should Trigger an Estate Plan Review
Life brings changes that can affect your plan in big ways. Here are times when you should take another look:
- Marriage or New Partnership: Adjust your documents to reflect your current relationship.
- Divorce or Separation: Remove a former spouse from your will, trusts, and powers of attorney.
- Children or Grandchildren: Add guardians and update beneficiary designations.
- Major Asset Changes: Buying or selling property, starting a business, or receiving an inheritance can all shift your estate picture.
- Retirement: Update your plans as financial goals and assets change.
Health Concerns: A new diagnosis may call for updates to healthcare or trust documents.
How Often Should You Look at Your Documents?
Even without major life events, reviewing your plan every three to five years is a smart habit. Laws on taxes, inheritance, and property can shift quietly. Taking a little time to check your plan can bring lasting peace of mind that your wishes will still be honored.
Why an Outdated Plan Can Create Confusion and Conflict
Old documents can cause problems for loved ones. Assets might go to someone you no longer intend, or an outdated decision-maker could still have authority. These issues can lead to family tension, added costs, and unnecessary court involvement. Keeping your plan current helps avoid these outcomes.
Starting Fresh: It’s Never Too Late to Plan
If you don’t yet have an estate plan, you’re not alone. In Illinois, when someone passes away without a will, the state decides who receives their assets. To stay in control, everyone should have at least:
- A Will to state who inherits and who will care for minor children.
- A Power of Attorney for Property to handle financial matters.
- A Power of Attorney for Health Care to make medical choices if you can’t.
Creating these documents is one of the kindest ways to protect your family.
Schedule Your Assessment Today
Don’t leave your family’s future to chance. Contact Woods & Bates, P.C. today to review your current estate plan or start a new one, virtually or in person. Call (217) 735 1234 or visit contact@woodsandbates.com to schedule your confidential assessment.