Updating Your Will
UPDATING YOUR WILL
Failing to update your will or revocable living trust is a major weakness of most people’s estate plans. Often, people will get motivated and draft a will and years later, their will is no longer useful or valid. There are several reasons people should update their will.
MAJOR FACTS HAVE CHANGED
Often, we see parents that are elderly or seniors that got their wills, living trusts and their estate planning documents years ago. Unfortunately, often parents got their wills and living trust completed when their children were minor children. Now, their children are grown ups and adults and the basic facts have drastically changed. Furthermore, people’s wills have deceased relatives such as parents, siblings, and others that have passed away or no longer close to the family. In the alternative, many people’s trust and will documents were created years ago when the estate tax was a major motivation. Unfortunately, the estate planning environment has been altered and many complicated estate plans are no longer useful.
Consequently, updating your will and or living trust is important. Sean Robertson and his team of estate planning attorneys and staff provide comprehensive estate planning advice for families and seniors. We update your wills and trusts to your current circumstances. Often, we see concerns that your last estate planning attorney did not address. Avoiding family conflicts is a major goal of estate planning.
TAX LAWS HAVE CHANGED
The tax laws especially dealing with the estate and gift taxation have changed a lot over the years. The estate and gift taxation are no longer a valid concern for most middle-class families. Now, the Illinois estate tax is $4 million in 2019 and the federal estate tax is $11 million. Thus, there are few families where estate tax planning is a concern. Here at Robertson Legal Group, LLC, our offices in Yorkville, Illinois understand the latest tax law changes and will bring your estate planning documents into compliance.
ESTATES HAVE GROWN LARGER
Moreover, many families have increased their assets in a substantial manner, which requires additional estate planning and tax considerations. Asset protection is critical for many families and rising nursing home and medical concerns are a major concern for many elderly and seniors. Our law offices understand asset protection especially protecting risk from creditor and business concerns, Medicaid, and nursing home concerns.
FAILURE TO OBTAIN POWERS OF ATTORNEYS FOR FINANCES AND HEALTHCARE
Finally, many seniors and elderly come into our offices without living wills, powers of attorneys or advanced healthcare directives. Our law firm will explain these documents to you in plain English and make sure your estate plan is customized to your concerns.
In conclusion, updating your will is substantially important to your family’s financial security and peace in your family. Failure to update wills and living trust lead to family disputes and estate contests. This is a horrible legacy and a legacy that can easily be avoided if an updated will or estate plan.
CALL SEAN ROBERTSON TODAY AT 630-882-9117: YORKVILLE ESTATE PLANNING LAWYERS
Our Yorkville and Kendall County Estate Planning Lawyers will explain estate planning without the legalize and update your will documents. We will work with your family including your children if that is your desire. Sean Robertson is a 15-year seasoned estate planning attorney with offices in Yorkville and Kendall County. We are reachable by calling 630-882-9117.