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 important decisions regarding your own health.
Here are some factors to consider when deciding to update your estate plan:
- Has your marital status changed?
- Have you added children to your family?
- Has your job or business changed?
- Do you wish to add or remove certain beneficiaries?
- How might new tax regulations affect your estate and your beneficiaries’ inheritance?
- Have you updated insurance benefits?
- Do you have new preferences related to your medical care?
Other Financial Factors to Consider
In addition to reviewing documents, it is also important to review your financial situation to ensure you have considered new tax laws and financial circumstances that will have an effect on the inheritance you leave. Different states also have different laws that may affect your situation so it is especially important to review your estate plan if you have moved or state laws have been updated.
You may also want to consult your estate planning lawyer about your insurance situation. Do you know if your current level of life insurance is sufficient to provide for your loved ones once you pass away? Are there additional benefits available through programs or government funding that you could be taking advantage of? An experienced estate planning attorney can help you maximize the benefits available to you and your loved ones.
If you have not reviewed your will or updated your estate plan in a few years, it is time to contact your attorney or reach out to one for assistance. This way you can have peace of mind that your plan is still accurate and effective and protects your wishes and the ones you love.
Michigan Legal Solutions
Our experienced attorneys are committed to providing our clients with the guidance and support that they need to resolve their estate planning issues. With over five decades of serving clients in Southeastern Michigan, the attorneys of Michigan Legal Solutions (Seglund Gabe Quinn Elowsky & Pawlak, PLC) have the knowledge and resources to resolve your issues.
No two families are alike and our attorneys are qualified to handle every type of estate planning situation, no matter how confusing or complex it may seem. We stay up to date on state and federal laws concerning estate planning and the latest laws regarding Medicare changes, Medicaid changes or nursing home issues. Our attorneys will provide you with the guidance you need and the service you expect so that you and your family get the result you want and the protection that you deserve.
Michigan Legal Solutions
28345 Beck Road, Suite 401
Wixom, MI 48393
Phone: (248) 869-0030
Fax: (248) 869-0039