Keeping Your Estate Plan Current
While planning for the future is a daunting task, it’s an important step everyone must take. If you don’t, your loved ones may be forced to make decisions on your behalf. Over the course of your life, you face many changes. Updating your estate plan is an important part of the process. Robert D. Paulbeck, Attorney at Law, has helped Michigan clients for 30 years.
When Should I Update My Plan?
Sometimes people think that because they have a plan in place – why touch it? There are a few common reasons to update your plan. They include:
- Marriage or divorce. This makes sure that your former or current spouse is appropriately listed on all of your legal documents. If you are divorced and don’t update your plan, your assets could go to your former spouse.
- Maybe you have adopted children and need them added to your plan. This is also important for when you don’t want a child to receive certain benefits.
- Change of beneficiary. The job of a personal representative is very important and without updating this, things can get very complicated.
- Tax changes. Perhaps your assets and estate have changed over time. You need to accurately document these changes on your estate plan as well.
When updating your estate plan, it is important to have an attorney you can trust. We are here to look at all of your options and determine what is the best possible solution for your future.