It’s important to review a revocable trust regularly to see if any amendments are needed, such as when something changes in your life. Some examples are: you have had or adopted a child; your spouse or other beneficiaries have died; you have remarried; the value of your assets, including life insurance death benefits in most cases, will exceed your available estate tax exemption amount (under Illinois or federal law); or the law changes.
Updating estate-planning documents at divorce
The story of a divorcing couple in Arizona demonstrates why you need to update your estate plan at divorce. The couple, who were in their early 40s and had been married for several years, had created a multimillion-dollar business together. When they filed for divorce, the process became bitter and full of disagreements about small … Read more