Estate Plan Review Lawyer Proudly Serving Livonia, Plymouth, Northville, and Surrounding Areas

While it is good to review an estate plan every three years, there are many life events which may necessitate the need to review sooner.  Some common reasons to review and update your estate plan include:

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1. Marriage and Divorce: Changes to family dynamics are a good reason to update your plan.  If you have married or remarried, it is important that your estate plan includes your new spouse while still providing for your children of your first marriage if applicable.  Also, for divorce it is important to update your documents if your intentions have changed on your whether your ex-spouse will receive your inheritance as a beneficiary.

2. ​Children: Whether you are expecting your first child, have a new blended family dynamic as a result of your spouse bringing children from a previous relationship, adopting a child, disinheriting a child, or a child becoming an adult, children are often a reason to review and update your estate plan to ensure that they are provided for.

3. Changes to Beneficiaries: Whether you are adding or removing beneficiaries, it is important that all your estate planning documents are updated so as not to create a conflict at your passing.  Also, if your beneficiary has predeceased you, now requires special care, or benefits from governmental benefits like Medicaid it will be important to update your plan.  Further, if a beneficiary has taken on a lot debt, it is important to consider adding a spendthrift provision to ensure that your wealth is not transferred directly to the creditors.

4. Tax Changes: Whether you have moved to a different state, had a significant change in assets, or their has been a change in the law, it is important to review your estate plan to ensure that it will not be needlessly taxed at your passing.

5. Updating your Fiduciaries:  An estate plan when originally created with have a personal representative to manage your will, a trustee for your trust, and powers of attorney for your finance and healthcare.  If one of your fiduciaries pass away, you child is now an adult and able to handle the role, or you feel that they are no longer the person that you want to entrust with these important responsibilities, it is a good time to update your plan and name new fiduciaries.

6. Owning, Selling, or Planning to Open a Business:  Creating or updating a business succession plan.  A succession plan helps to ensure that the who will run the business and how the assets will be passed down after your death.