Should I Update My Estate Plan?

Should I Update My Estate…

Many people create comprehensive estate plans and assume that those plans will address all of the issues that might arise with respect to your estate in the future. After many years, however, your estate plan may no longer reflect what you now want to happen, and you may not even remember what is in your estate plan. Marriage, divorce, births, deaths, and other circumstances may all change what you want and need in your estate plan. Therefore, it is essential that you revisit your estate plan from time to time and ensure that it truly reflects your wishes.

If you don’t change your estate plans to meet your needs over time, then your original will and other estate planning documents will be remain legally valid, no matter how old or outdated they might be. This means that if you left all of your assets to your spouse in the will that you made 30 years ago, that will is valid, no matter if you divorced that spouse last year. Taking the time to review your entire estate plan and making sure that it addresses everything that you need is well worth it. An hour spent every few years reviewing your estate plan can prevent many hours and dollars spent litigating your estate in probate court following your death. You can save your loved ones time and money by simply taking the time to review your plans, consider your options, and make any necessary changes.

As you can see, updating your estate plan regularly is essential, and these are just a few of the reasons that you should be sure to do so. At Legacy Law Center, we dedicate our practice to protecting your interests, as well as the interests of your family through the estate planning process. Creating a comprehensive estate plan that meets all of your needs is no small task, and we know that you will need guidance in navigating through this often complex process. Call our Ann Arbor office today to set up an appointment to update your estate plan today.

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