Even if you have already created your estate plan, it is never really complete. Do not leave your estate plan unrenewed. To ensure that your estate plan is reflective of your evolving lifestyle, contact our experienced Michigan estate planning attorneys. Our firm is committed to ensuring you and your future are protected.
Why should I update my estate plan?
It is highly recommended that if you have an estate plan that has not been updated in over three years, that you take a look at it and think about making some modifications. Estate plans should also be reexamined after certain events occur in your life that can alter your lifestyle and needs. The most typical events that should prompt you to reach out to your estate planning attorney can include any of the following:
- Executors or trustees become inappropriate: Situations change and sometimes the individuals we appointed in our estate plan are not the best fit for our needs anymore. For example, the people you selected may be unable to complete the tasks as you would like them done, someone else may be a better choice, or someone has aged, moved away, or passed away.
- Your retirement plan is outdated: One of the greatest mistakes in estate plans is the failure to renew the beneficiary designations of IRAs, 401(k)s, and other retirement plans. Beneficiary designations also control who gets annuities, life insurance, some financial accounts, and some other assets. Be sure to review all these forms and amend them if desired.
- You moved to another state: Each state has its own estate planning laws, which is why it is critical that you update your estate plan as soon as possible after moving to a new place. In some states, there may be variations in the number of witnesses required in order for a will to be valid, while in other states, depending on where you live, may make a spouse inherit a minimum share of an estate.
- There is a change in your affection: This usually means that there has been an addition to the family. This can refer to a new child or grandchild. It is essential to update your documents to reflect this change so that your added family members can be included. There also may be times where you would like to omit someone from your estate plans, such as after divorce or death. No matter what the conditions are, it is important that your plan follows your current life situation.
Contact our Firm
Sometimes, divorce, family, and estate matters are difficult to navigate. Fortunately, they do not have to be with the assistance of a compassionate, knowledgeable attorney who is willing to guide you every step of the way. If you need a seasoned firm to help you with any divorce, family, or estate-related matter, please do not hesitate to contact Collis, Griffor & Hendra today to schedule a consultation.