Estate planning is the process of determining what will happen to your assets and liabilities at death, such as who will inherit real estate or how remaining debts will be settled. It’s also important to realize that, as the circumstances of your life change, your estate plan may require rethinking. To ensure your end-of-life legal documents accurately reflect your preferences, here are five common scenarios that should mandate a review of your estate plan.  

A Checklist for Reviewing Your Estate Plan

1. Out-of-State Moves

Estate planning laws change from state to state, so consult with an attorney whenever you move out-of-state to ensure your documents are compliant with the law. You may also need to update your estate-planning documents if you acquire assets in other states, such as a vacation home or a small businesses.

2. Asset Shifts  

Every time you lose or gain an asset of considerable value, consider the effect on your estate plan. If you purchase shares of stock, you need to decide who will receive the shares when you die. If you sell a rental property, you may need to reassign assets so that all beneficiaries get a fair distribution.

3. Family Changes

As your family grows—such as through marriage or birth—you should update your will to determine who will inherit specific assets. You might also need to reassign inheritances after a divorce or after the death of a spouse or a previously named beneficiary.

4. You’re Approaching 70

Many retirement savings plans—such as individual retirement accounts (IRAs) and 401(k)s—require owners to start taking distributions at age 70½. Since distributions have an impact on both your estate and beneficiaries, you should discuss the timing of distributions with an attorney.

5. Executor & Trustee Concerns

Executors and trustees are third parties entrusted to oversee how your estate plan is managed after death. These designations, however, are not set in stone. If a named executor or trustee is no longer fit to manage your estate, you should update your plan to name someone new.

Since estate planning affects many loved ones and your retirement, you should rely on a trusted partner to help you make decisions. Fortunately, the experienced attorneys at Pepping, Balk, Kincaid & Olson, Ltd., in Silvis, IL, offer services to simplify the process. Taking a personalized approach, these family law attorneys create and review wills and trusts to reflect clients’ wishes and life events. To learn more about their comprehensive capabilities, visit their practice online, or call (309) 755-5096 schedule a consultation.