Many Michigan residents go to great lengths to create an estate plan. An estate plan can be a comprehensive set of documents that dictate how a person’s assets and affairs should be handled following the person’s death. While creating an estate plan is a valuable undertaking, it should not be something that is only done once in a person’s life. An estate plan needs to be an evolving set of documents that take new life situations into account. In particular, it is important for individuals to review their wills following major life events.
There are several situations in life that may require individuals to review their will and estate plan. First, people need to review their estate planning documents following a marriage. When people get married, they may need update their will to include their new spouse.
The same is true when a marriage ends. Following a divorce, or the death of a spouse, individuals in Michigan should review their wills and estate planning documents. By reviewing these documents following the end of the marriage, individuals can make sure they update their beneficiaries, and change any necessary power of attorney — or other legal designations.
It is also important to review a person’s will and estate plan following the birth or adoption of a child. By adding children to a family, individuals need to make sure those children are accounted for in the estate planning documents.
It can also be important to review a will following major financial decisions. These can include opening up new brokerage accounts, mutual fund accounts or savings accounts. It can also be important after purchasing a home. By reviewing the estate planning documents, people can ensure that these assets are included and properly accounted for in these documents.
Individuals in Michigan need to take steps to protect their assets following their death. While this can be an uncomfortable subject for some, it is vitally important to create and maintain an estate plan. An attorney can help individuals understand their legal rights when it comes to estate planning in Michigan.