The following information, presented as a public service by the Committees of the DuPage County Bar Association, pertains to some of the more frequently asked questions posed to attorneys on various issues..
Please read the disclaimer before reading the questions and answers.
If you have a question that you would like to have addressed
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The following information does not constitute legal advice of any kind, but is intended to help the public with understanding some of the basic issues they may face.
Q. How often should I have my will or trust reviewed?
A. Once you have had a will or trust prepared there is a tendency to place the original in the safety deposit box and assume that all is well for the next twenty years. However ignoring your existing estate plan can be as problematic as not having an estate plan at all.
It is recommended that you reread your will or trust at least once per year. As your situation changes you may not realize the impact that the change will have on your will or trust. It is especially helpful to consider your estate plan upon change in marital status, the birth of a child or grandchild, a substantial change in financial circumstances, a change in the situation of any beneficiary (death, injury, divorce, etc.), a change in charitable interest, a change in the tax laws, a change in life insurance program, a significant change in employment benefits, a move to another state, purchase of real estate in another state, or the passage of time.
If you need to consult with an attorney, The DuPage County Bar Association's Lawyer Referral Service can locate an attorney in your area (DuPage County, Illinois).