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It may be time to review and update your estate plan

On Behalf of | Apr 6, 2023 | Estate Planning And Elder Law

While there is no way to know with certainty what will happen in the future, your estate plan provides you with the opportunity to control certain matters that may arise long-term. When you created your plan, you did so with the information you currently had and with your most recent circumstances as your guide. However, life is always changing, and these changes may impact the efficacy of your existing plans. 

It is important for every Michigan adult with an estate plan to carefully review his or her plans on a regular basis. If you already have a plan in place, failure to change your plan as needed could impact yourself or your loved ones in the future. It will be helpful to learn more about when changes are necessary and how you can ensure you have the best estate plan for your individual situation.  

Reasons why a modification may be necessary 

Once an estate plan is complete, you may think your work is done. In reality, you will find it necessary to revisit and change your plan throughout your lifetime. Certain life changes necessitate changes to your estate plan to ensure that your plans match your current circumstances. Reasons why you may need to modify your current plans include the following: 

  • Your marital status has changed through divorce or remarriage. 
  • You have had additional children or grandchildren you need to add to your plans. 
  • You would like to add plans for the care of a special needs loved one. 
  • Your financial circumstances have significantly changed since creating your plan. 
  • You now have grown children, and you would like to make one of them power of attorney. 
  • You would like to establish a trust for specific financial goals. 
  • You have new health care needs to address. 
  • You started a new business, and now you need to create a business succession plan. 
  • You want to leave some or all of your estate to charity. 

Estate planning is a deeply personal process, and the decisions you make are solely based on your individual goals and needs. Your plans should match your long-term objectives, even as they change throughout your lifetime. If you are unsure of what updates and changes you may need in your estate plan, it could be helpful to discuss your concerns and seek an evaluation of your current documents with a knowledgeable professional.