The Importance of Consistently Updating your Estate Plan

Estate plans should be updated every few years to ensure they accurately represent your wishes and provide the best benefits possible to your loved ones. Estate planning is something that every adult should take the time to complete, no matter their age or financial status. Whether you prefer to create a standard will or need to make a more comprehensive estate plan or set up a trust, an experienced estate planning lawyer can help you through the process more easily. However, it is important to remember that drafting an estate plan is not a one-time experience. A big mistake many people make is creating an estate plan, and then failing to update it every few years to account for inevitable changes that occur. What Should You Do to Keep your Estate Plan Current? If you have an estate plan in place, you need to take time every few years to review it with your estate planning attorney. Look for changes that need to be made regarding dependents, accounts, assets, debts, beneficiaries, personal representative, agents and trustees. It is also important to consider who you have designated as your representative should you need emergency medical care and are unable to make [...]

By |2017-01-01T11:25:54+00:00July 7th, 2015|Michigan Legal Solutions|Comments Off on The Importance of Consistently Updating your Estate Plan
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