Estate planning: Updating beneficiaries could prove crucial

| Dec 14, 2017 | Estate Planning

Many individuals in Illinois and elsewhere find it crucial to have a plan in place for whatever the future may hold. While enacting a strategy can be beneficial, change may be inevitable, and a person’s circumstances and preferences can alter over time. Those seeking to protect their wishes for the future might find it advisable to make the necessary estate planning updates as needed, which could help prevent a devastating outcome down the line.

Upon deciding to plan an estate, one may choose to provide a list of individuals who will receive the designated assets after he or she passes on. Listing beneficiaries could prove beneficial in a variety of ways, and may also reduce the odds that a person’s wishes will be disputed by another party or parties. However, whether through marriage or divorce, or any other change life may bring, a person’s preferred beneficiaries may change as well.

Such changes can prompt a need to revisit the initial plan and make adjustments where necessary. Updating beneficiaries could be crucial to preventing unnecessary conflict and ensuring that one’s assets are passed along according to his or her wishes. In many cases, the process may involve little more than changing information. In others, it can be somewhat more complex, and seeking assistance may be advisable.

There are a multitude of scenarios which could prompt a need for modification to one’s estate plan. Those who wish to keep the necessary information up to date could benefit from speaking with an experienced attorney in Illinois for advice on when changes might be necessary. An estate planning attorney can address all of a client’s concerns and wishes and assist in covering every aspect of the process.

Source: Forbes, “Don’t Make The Estate Planning Mistake This Financial Planner Almost Did“, Nancy L. Anderson, Accessed on Dec. 12, 2017