Like many, you may have resolutions for the new year. Whether you want to work out more or save money, setting goals is a great way to push yourself. However, there is likely one essential task missing from your to-do list; creating or updating your estate plan! This is not something that many may want to do at the beginning of the year, but it is essential. If you’re unsure why you need to update your estate plan for the new year is so important, you’ll want to keep reading. You’ll also discover how a Washtenaw County estate planning attorney can help make the process much easier.
Why Do I Need to Prepare My Estate Plan for the New Year?
Ensuring you have an estate plan is essential to achieving peace of mind. Estate planning can help guarantee that your loved ones are taken care of. Whether you set up a living trust, will, or digital estate plan, you’ll want to make sure whatever documents you have, reflect your current situation.
A lot can happen in one year; marriages and divorces, the birth of children and grandchildren, or coming into an inheritance. Your estate plan can change on a yearly basis, so you’ll want to ensure it is as updated as possible.
What Should I Do to Plan?
If you need to make changes, ensuring you do so as soon as possible is vital. This guarantees that your wishes are reflected and legally valid upon your death.
To amend a will, you should create a codicil. This acts as an amendment to your estate plan as you will write the new guidelines, sign them, and keep them with your original document. Creating an amendment is ideal for small changes, such as renaming an executor or removing someone from the will.
However, if there are significant changes you plan on making, it may be easier to completely write a new will. To do this, you will need to revoke the old will, which means it is no longer legally valid. You will then re-write your estate plan to replace it.
Do I Need a Lawyer?
If you’re planning on making changes to your will, ensuring you have an attorney present while making changes is vital. The last thing you want is for the updates to your will to be invalid, which means they will not hold up after your passing. In some instances, codicils can pose challenges, so a lawyer can help ensure that it is added correctly and legally.
When you’re ready to create or update your estate plan this new year, ensuring you have the assistance of a competent attorney is essential. Collis, Griffor & Hendra are ready to help you achieve peace of mind. Reach out today to discuss the details of your plan with one of our experienced lawyers.