These past few years have been difficult, and you may have experienced a lot of changes. While updating your estate plan may be the last thing on your mind, it is an important chore to tackle. As a general rule, your estate plan should be updated every 3-5 years. You should be sure to update your plans whenever a major life event takes place. Some common reasons to update an estate plan include marriage, divorce, or remarriage, the birth or adoption of a child, a large change in income/ assets, and the loss of a loved one included in the estate plan. It is important to start 2022 off on a good foot, and updating your estate plans can be a great way to do so. Enter the new year feeling secure and prepared for the future. Read on to learn more about how you can update your estate plan.
Updating your will:
One of the most common estate planning documents to update is your will. If you revisit your will and want to update it, there are different options to do so. This can include the following:
- Amend it with a codicil. If you are making a minor change to a will you already have, a codicil can accomplish this. This is a document attached to the original will, stating the changes you wish to make. This can explain, modify, or revoke part of a will. When writing a codicil, you are required to abide by the same execution laws as an original will. This ensures it is valid. Make sure the codicil does not cause further confusion or conflict with the original will.
- Creating a new will. Depending on the individual, it may be easier to revoke an original will and draft a new one instead of writing a codicil. This eliminates possible conflicts between an old will and a codicil. Be sure you revoke the old will so it cannot be used instead of the new one.
If you have any questions about estate planning in Michigan, reach out to our firm to speak with an experienced and dedicated attorney.
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