It seems like summer snuck up on us in the Chicagoland area and we didn’t get much of a spring this year. I don’t know about you, but for the past few weeks my wife and I have been pacing through our home setting goals and making lists of spring cleaning projects — decluttering closets, taking out the patio furniture, power washing, cleaning up the yard, and restoring order to our home with a one year old bouncing around (destroying everything in her path). If your family is in the same spring cleaning mindset, trying to organize and run through home projects, have you considered giving your finances and your estate plan the same attention?
Just like dust gathers in forgotten and unattended areas, outdated and neglected plans can create a financial mess, that may leave your loved ones disorganized and unprotected. In order to focus on our finances and overall plan, this spring, my wife and I have made an emphasis to focus on getting our finanical house in order, along with our home.
I realize that we all may be at a different age or stage in our finacial and planning journey. This article is intended for those who already have their estate plan completed, but if you’re wondering, “Where can I find trusted estate planning near me?”, Attorney Michael Biederstadt and the team at Family, Wealth & Legacy Legal Solutions are here to help sweep away the uncertainty and get or your plan in place.
Why Estate Plans, Like Homes, Need Regular Cleaning
Your estate plan isn’t a “set it and forget it” document. Life’s inevitable changes — marriages, divorces, births, relocating, moving accounts, financial shifts, and new changes in the law — can make existing plans outdated or ineffective.
Think of it this way: you wouldn’t leave your home unattended for years and expect it to feel comfortable, clean, and function as you’d wish when arriving back home. The same goes for your estate plan. Without regular maintenance, it may no longer serve its intended purpose.
Key Areas to Review During Your Estate Planning “Spring Cleaning”
1. Has Your Family Grown or Changed?
If you’ve recently married, divorced, or welcomed a new child or grandchild, your estate plan may need adjustments. Ensure new family members are included, and former spouses or outdated guardians are removed.
It’s also a good time to review any guardianship appointments for minor children. If your chosen guardians are no longer able or willing to serve, it’s essential to update your documents accordingly.
Last, the laws have drastically changed over the course of the past five years. The way our entire system surrounding inheriting retirement accounts has changed, Illinois adopted an entirely new Trust Code, and as of January 1, 2025, a new Act went into effect regarding Powers of Attorney in Illinois.
2. Did You Recently Move to Illinois?
Moving across state lines is more than a change of scenery—it may require a legal review of your estate documents. Each state has different laws governing wills, powers of attorney, and trusts.
If you’ve recently relocated to the area of Oak Brook, IL, search for estate planning near me and connect with Attorney Michael Biederstadt. At FWLLS, we place a great emphasis on legal eduction and staying on top of all the changes in our state law, along with federal law and the IRS, so we can ensure your documents are updated to be valid and enforceable for your new residence.
3. Have Tax Laws or Your Finances Changed?
Recent updates to federal or state tax laws could affect your estate strategy. Likewise, if you’ve experienced a significant change in the value of your assets — through a business venture, inheritance, or market fluctuations—your estate plan may no longer accurately reflect your financial situation. Read more in our article: Could the “Death Tax” Be Going Away? What the 2025 Estate Tax Repeal Proposal Means for You and Your Family
Consider whether you need to establish new trusts, revise beneficiary designations, or explore tax-saving strategies like charitable giving through Donor-Advised Funds or Charitable Trusts.
4. Are Your Beneficiary Designations Current?
Don’t overlook beneficiary forms tied to life insurance policies, retirement accounts, and other financial assets. These designations often override the instructions in your will, so it’s critical to ensure they align with your current wishes.
5. Is Your Financial Asset Inventory Up To Date?
Over $70 billion dollars is currently being held by the Departments of Unclaimed Property nationally if you added up all 50 states. In Illinois, we currently have over $5 billion. The vast majority of that massive amount of money is turned over to states because when people pass away, their relatives didn’t know they had a particular account, insurance policy, or safety deposit box. The last thing you ever want is for this to happen to your hard earned money and if you’re interested, you can check to see if you have a claim here.
At FWLLS, the way we solve this problem is to create and incorporate an Asset Inventory into all the estate plans we create. That way, it becomes a legally recognized document, but one that our clients can update repeatedly without paying our office to do so. When we deliver our plans to our clients, they get a flash drive with this document on it. We then tell them to update it as they are funding their plan, and then over time we recommend that they look it over and confirm it’s up to date at least once per year. Now, if I can be honest, it’s not rocket science, and nothing more than a fancy spreadsheet created by a software program that we use. I say that because there’s nothing stopping you from creating your own and getting your family financially organized.
This is one of the main areas that my wife and I are addressing this Spring. With our daughter turning one and my father-in-law passing away last year, there has been a lot that has changed over the course of the ast year and we decided it was time to get our financial house in order, along with cleaning the disaster zone that comes along with a one-year-old.
The Financial Side of Spring Cleaning
Spring is also the perfect time to review your financial landscape. Conduct a personal “financial inventory” by assessing your current assets and liabilities. Are you still on track to meet your long-term goals? Is it time to rebalance your investment portfolio or maximize contributions to tax-advantaged accounts like 401(k)s and IRAs?
The team at Family, Wealth & Legacy Legal Solutions often reminds clients that estate planning isn’t just about end-of-life decisions — it’s a crucial component of building a secure, thriving financial future.
Don’t Forget to Review Your Power of Attorney
Just as you wouldn’t ignore a broken lock on your front door, don’t neglect to review your financial and healthcare powers of attorney. These critical documents ensure someone you trust can step in if you become incapacitated.
If the individuals you’ve previously appointed are no longer available or your relationships have changed, it’s time to make updates. If your Power of Attorney was created prior to this year, then you will need to comply with the new law to legally certify and validate your Powers of Attorney. If you don’t, they may not be recognized by your bank or financial institutions and that is the last thing you’d want for your family in the midst of a crisis.
Achieve Peace of Mind and a Fresh Start by Reviewing Your Estate Plan
There’s something deeply satisfying about a freshly cleaned and organized home. Imagine feeling that same peace of mind knowing your finances are in order, your estate plan is up to date and fully aligned with your life’s current realities.
Whether you’re navigating new family dynamics, financial changes, or simply want to ensure everything is up to date, now is the perfect time to act.
Searching for estate planning near me? Look no further than Family, Wealth & Legacy Legal Solutions. Attorney Michael Biederstadt offers personalized, compassionate guidance to help you clean up financial clutter and create a legacy plan that truly reflects your values and wishes.
Search for Estate Planning Near You for a Plan Review
Spring is a season of renewal. Let this be the year you refresh not only your home but also your legacy. Schedule a call with Family, Wealth & Legacy Legal Solutions today to ensure your estate plan is as organized and future-ready as your freshly cleaned home.
Key Points to Remember:
- Life changes, such as marriage, divorce, birth of a child, or moving to a new state, necessitate a Will review or update to your Trust / Powers of Attorney.
- Legal and tax law alterations can drastically impact your estate plan and if will function properly.
- Changes in the value of your estate due to reasons like asset appreciation, starting a business, or inheritance may require adjustments in your will.
- Regular reviews of your beneficiary designations, powers of attorney and overall estate plan ensure that your current wishes are accurately reflected.
- Peace of mind is achieved by knowing your affairs are in order and ensuring that your assets are distributed according to your wishes after your death.
Reference: Kiplinger (March 6, 2025) “10 Ways to Refine Your Financial Plan for a More Secure Future”