For many people, sitting down to create a will can be a complicated process which involves reviewing drafts of the will document and taking specific steps to make sure it properly signed and witnessed.  Often, once the will has finally been properly executed and copies are secured, the person who created the document will consider it complete and not give it much further thought.  However, life circumstances sometimes occur which necessitate changes to a person’s will.  Whether yours is several years old or a new creation, certain conditions merit considering an update to an existing will.Michigan Estate Will

Changes to the Family

One reason to consider updating your will is that there has been a change in your family.  This may include the death of a named beneficiary or the birth or adoption of a child.  Leaving the matter of a deceased beneficiary unaddressed may result in assets not being distributed according to your preference.  Further, not naming new children in your will may also add uncertainty to the probate process.  For some, their will may have been executed when their now grown children were young.  No doubt their will would have been structured with the future of their young children in mind. Under these circumstances, it may be necessary to amend the will so that it addresses the current status of the grown children beneficiaries.  Another family change to consider is divorce.  For instance, if your will leaves a significant amount of property to your former spouse this may not be in keeping with your wishes following the end of a marriage.

Changes to Your Estate

It may be that when you initially executed your will that your estate was in a certain financial condition which you expected to remain the same.  However, if your estate has increased significantly in value or you acquired additional assets, these developments may warrant a change to your estate plan.  By the same token, if your estate values have decreased significantly, it may be necessary to change your will accordingly.

Changes in the Law

The law which was in effect at the time you originally executed your will is most likely the law which guided you in structuring its contents.  However, estate law frequently changes and it is worth revisiting your will in view of any legal changes.  This will ensure that your will is drafted in a manner which provides the most current and significant benefits to you and your beneficiaries.

The Passage of Time

No matter when a will was executed it is important to revisit its terms every few years in order to ensure they comport with your wishes concerning your estate. Without considering updating the will, many aspects of your estate may be left in a manner which is not congruent with today’s circumstances and your final wishes.

Whatever the change may be, it is critical that you be aware of how different developments can affect your estate plan.  Our office has attorneys who are experienced and can advise you keeping your will updated and in view of the current law. Please contact us online or by phone if we may be of assistance.

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