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Is the time right to update your estate plan?

On Behalf of | Jan 7, 2020 | estate planning and probate | 0 comments

Michigan residents should have an estate plan on hand. But after you create your estate plan, you cannot leave it as-is forever. Your estate plan should reflect your current life circumstances accurately. 

The first thing to note is that you do not need to wait for a “right time” to update your estate plan. You can update it at any time for any reason. You may just feel like rearranging assets or changing who gets what. You can do this whenever you want. 

But there are some instances that may require you to make changes to your plan. For example, if local tax laws change, you will need your estate plan to reflect this. You may also need to update if you move to another state with different estate planning laws. Always be certain your estate plan complies with the law. 

Changes to family structure can also result in estate plan changes. If you divorce or remarry, you will likely want to remove the divorced individual or add your new spouse. The same goes for any dependents you add to your family. If you become estranged from relatives for whatever reason, you may want to remove them. If you discover a relative has become incapable of handling assets, you may want to set up a trust. 

Are you interested in taking a more in-depth look into estate planning? If so, visit our linked web page here. You can read about estate planning matters including when to update your plan. You can even look into helpful tips about creating or editing your estate plan at any time.