Important new reasons for updating your Last Will and Testament

Digital Assets require more estate planning. Illinois has passed legislation in 2016 to recognize the importance of digital assets and electronic communication. More and more of our bank accounts, investments, and personal history are kept only on-line. Your family must have access to that information, but the new laws require you to take affirmative steps to allow your heirs, or your guardian if you become disabled, to gain access to your assets, even when for your own benefit. Contact your lawyer to make sure your Will and other documents comply with the new laws.

I often must cringe when I see many Do-It-Yourself Wills. While the DIY revolution has many benefits, I see too many cases where people unintentionally disinherit their children's widows and orphans, the very heirs who need your help the most. Simply following a form and copying "legal-sounding" language is not enough to assure your intentions are met. The cost of seeing an attorney is small compared to the consequences of not having your Will reviewed by an experienced counselor.

While using a Will can save your estate thousands of dollars and bring certainty, often a better solution involves changing the title on your real estate. This act can help your assets pass to the next generation without having to admit your Will into the Probate Court.

If your child or grandchildren has a disability, your gift to him or her should be placed into a specialized trust. Otherwise your gift may disqualify them from Medicaid, housing or other benefits.

While a will is valid when signed by two witnesses, if an interested party demands proof, the court may require the witnesses to appear and verify the signatures. When a will is old, often the executors have trouble locating the witnesses. Refreshing your will not only makes you think about your next generation's current needs, it allows you to get more accessible witnesses.