The Importance of Updating Your Estate Plan

The Importance of Updating Your Estate Plan

Many people think that meeting with a lawyer and executing a basic will is all that is necessary to distribute their assets to their loved ones after death. Estate planning, however, is not a one-time endeavor. As major events in your life occur and circumstances change, your estate plan also may need to change. At the very least, you should consider updating your estate plan on a periodic basis, as well as following certain events in your life. Updates are essential to meet with your ever-changing needs and goals.

For instance, as your life progresses, you may marry, divorce, and have children. All of these events are likely to trigger a need to update your estate plan. You may want to add a new spouse as the primary beneficiary of your estate assets; likewise, if you divorce, you probably will want to remove your ex-spouse as a beneficiary to your estate. If you add children to your family, whether through birth or adoption, you also will want to add provisions to your will appointing a guardian for your children, if it becomes necessary.

Similarly, if you have acquired additional property since first completing your estate plan, you will have to consider how you want that property to fit into your estate plan. The same is true if the value of your property has increased substantially over the years.

Additionally, if an individual whom you have named as a personal representative or beneficiary of your estate has passed away, you will want to remove that person’s name from your estate planning documents and substitute another appropriate individual to fill that role.   

The Ann Arbor estate planning lawyers of Legacy Law Center are experienced in ensuring that you have a comprehensive and up-to-date estate plan in place that best will benefit you and your family. We are your trusted advisors who are skilled in looking at all facets of your life, evaluating your needs, and working collaboratively with you and your family to create the estate plan that meets all of your needs. Contact Legacy Law Center today and learn how we can help you make the right decisions for you and your family.