At the Estate Planning & Elder Care Firm of Michigan, we understand that life is full of changes. That's why we're here to guide you through the estate planning process with compassion and expertise. At the Estate Planning & Elder Care Firm of Michigan, our team understands that an outdated plan may no longer align with your wishes and needs.
The knowledgeable estate planning lawyers on our team are here to help you keep your estate plan updated as you experience significant life changes. Whether you're welcoming a new family member, moving to a new state, or experiencing any other significant life change, our experienced Clinton Township, MI attorneys are ready to help you update your plan and secure your legacy.
Key Life Events That May Require an Estate Plan Update
Your family situation can change more than once as you go through life. The estate plan you created for your old life may not meet your needs if you experience life changes. Our attorneys recommend updating your estate plan when you experience key life events like the ones listed below. Or, if you have never had an estate plan, you should create one to prevent your assets from being transferred to your heirs under Michigan’s intestate succession laws, which may not coincide with your wishes.
Marriage or Divorce
Getting married or divorced can impact your estate planning needs. Marriage often means adding your spouse as a beneficiary and granting them decision-making authority through powers of attorney. Divorce, on the other hand, typically requires removing your ex-spouse from your estate plan and updating beneficiary designations.
If you have a blended family, reviewing your plan is crucial to ensure your assets will be distributed according to your wishes. For example, you may need to make provisions for your stepchildren or ensure that property you own individually passes to your biological children.
Birth or Adoption
The arrival of a new child or grandchild is a joyous occasion. It is also an ideal time to update your estate plan. If you’re a new parent, it’s important to ensure your will or trust includes provisions for your children, such as naming a guardian to care for them if something happens to you. If you're welcoming a grandchild, you may wish to establish a trust fund for them or otherwise make gifts to help secure their future.
Death of a Loved One
Losing a spouse, child, or another close family member is not only devastating, but it may also necessitate significant updates to your estate plan. For example, if your deceased loved one was named as your primary beneficiary or agent under your powers of attorney, you must designate someone else to fill these roles.
In addition, the death of a beneficiary may also require adjusting the distribution of your assets. For example, if you had intended to leave your property to your spouse or bequeath specific items to a child who has passed away, you may want to update your plan to distribute your assets among your other beneficiaries.
Acquiring or Selling Significant Assets
Your estate plan should also reflect your current financial situation. If you've acquired significant new assets, such as a second home or a substantial investment account, you may need to update your will or trust to specify how these assets should be distributed or managed.
Similarly, if you've sold or given away significant assets that were explicitly mentioned in your plan, you'll want to remove those references to avoid confusion or potential will challenges down the road.
Moving to a New State
Estate planning laws vary by state, so moving across state lines should always trigger an estate plan update. Your new state may have different rules for executing wills, powers of attorney, and unique tax implications. If you've moved to Michigan from another state, our Livingston and Macomb County estate planning attorneys can update your plan to comply with Michigan law and reflect your current goals.
Essential Documents for an Updated Michigan Estate Plan
Whether you’re creating or updating your estate plan, our Clinton Township, MI lawyers can help you identify any necessary changes and ensure your plan is comprehensive and up to date. Essential estate planning documents we’ll review with you include:
- Will
- Trust
- Powers of attorney
- Beneficiary designations
- Health care directives
- Letter of instructions