Howard & Hardyman LLP

3 life events that mean you should review your estate plan

People work hard to amass various assets through businesses and organize them in estates. As such, it is only right that someone should get to choose what happens to their belongings.

An estate plan helps people gain control over the future of their holdings. To ensure that the strategy aligns with the estate holder's wishes, it is often essential to review and possibly revise plans after certain life events.

Marriage or divorce

Marriage and divorce are important changes that affect many aspects of people's lives, including their estates. It is wise to add or remove beneficiaries as soon as possible after these events. They should also update any other items they may have with named beneficiaries, such as life insurance policies.

Birth or passing

When a new child enters the home, whether through birth or adoption, changes may be necessary to include them in the will. For new parents, it is also important to designate guardianship for the children.

Another situation that may necessitate changes to an estate plan is when a spouse passes. If the deceased spouse bequeaths certain assets to the surviving spouse, it may be necessary to alter an estate plan to account for those new assets. On another note, the living spouse may also receive tax exemptions for the estate if the executor files a return within the appropriate period.

Asset or inheritance acquisition

Whether estate holders generate new assets by their own hard work or receive them as a gift from another, it is a good idea to plan for management of significant wealth. It is important to note that this may not always have to do with money. For instance, an estate holder may designate the distribution of a family heirloom he or she receives from a relative who passes away. 

These are a few of the main reasons to alter an estate plan. However, each situation is different, and there are frequent changes to the law. It is a good idea to review wills periodically and make any changes necessary for the good of an estate.

No Comments

Leave a comment
Comment Information
  • Illinois State Bar Association
  • WCBA | Winnebago County | Bar Association | Established 1996
  • United States Court Of Appeals | Seventh Circuit
  • State Bar of Wisconsin
  • United States District Court For The Northern District Of Illusions
Serving Northern Illinois For Decades
Email Us For A Response

How Can We Help You?

Bold labels are required.

Contact Information

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.


Privacy Policy

Office Location:

Howard & Hardyman LLP
124 N. Water Street, Suite 100
Rockford, IL 61107

Phone: 815-516-1549
Rockford Law Office Map

Office Number:

Fax: 815-964-8779