Hello. My name is Eileen Kerlin Walsh, and I am the Principle Attorney at Kerlin Walsh Law. I would like to share a little information with you about why you need to update your estate plan! It’s unrealistic to think that a piece of paper you draft, reflecting your life at a certain time, will work when your life has completely changed some years later. I would like to use the Kendrick family as an example.
Meet the “Kendricks”
Meet Bill and Karen Kendrick. They got their first estate plan in place when their daughter, Jessica was born 30 years ago. They updated it when their son Steve came along 4 years later. They attended one of our estate planning seminars and got a fantastic trust-based plan in place – protecting themselves, their children, grandchildren and dog, Sadie.
After the plan was drafted, the Kendricks intention was to take on the responsibility of calling for updates themselves. Life got busy and, as you might guess, that didn’t happen.
Here’s what’s changed in their lives since their estate plan was drafted. Jessica and Steve are now adults and through college.
- Jessica has married and now had two daughters. One of the girls may have autism.
- Steve is also married and is expecting his first child.
- Karen’s mother is now living with them.
- They bought a vacation home in Florida.
Do you think their estate plan will still work the way they want it to?
Changes in Your Own Life
The Kendrick’s have experienced a lot of changes, but those changes might be typical of what 10 years brings. Think about the changes in your life over the past 10 years – or – since you last updated your estate plan.
Have you moved? Do you have more children or grandchildren? Have you started a business, suffered health problems, or purchased a new home? Do you have new accounts and investments? Do you now care for a parent, pets, or dependent children? Have you remarried, gotten divorced, or retired? Has someone you loved died? Have friends named in your plan as trusted helpers moved away or has your relationship changed? Are your children now adults and able to help you? Do you want to help with grandchildren’s college or dance lessons? Do you see the world in a different way?
Many things happen in a 10-year span. Your estate plan needs to reflect the changes in your personal life, financial situation and goals. There are also changes in the law over time, and because of this, certain aspects of one’s estate plan could be affected. Kerlin Walsh Law is aware of these changes and adjusts your plan accordingly.
Is Your Estate Plan Out-of-Date?
If you’ve experienced life changes or it’s been more than 3 to 5 years since you updated your estate plan, it’s time to visit Kerlin Walsh Law located in Chicago’s South Suburbs. Our experienced estate planning attorneys will review your plan and chat with you about what’s been happening in your life, so we can get you and your estate plan up-to-date, reflecting where your life is now.
