I am often asked, how often do I need to update my estate plan? This may seem like a simple question, but the answer is actually pretty complex. The reason is that no two people are exactly alike, and there are many reasons why an estate plan needs updating.
Why do you need to update your estate plan?
Laws can and do change. For instance, prior to 2010 Michigan did not have a trust statute. Trusts were governed by Michigan common law. If your trust was written before 2010 it should be reviewed. Tax laws change all the time, and many older trusts were predicted on taking advantage of the martial deduction. So, if your trust has an A and B structure you should be asking if you can or cannot simplify your plan.
Another reason to update your estate plan can be due to changes in family circumstances. Having minor children generally calls for a trust that survives you to manage the money. There are plenty of other good reasons to have the trust provide inheritances over time. Furthermore, there may be reasons that your children need protection from creditors or themselves. Additionally, a marriage or divorce can confuse some things.
Yet another reason is that the nature and makeup of your wealth can change. This can effect how things are divided amongst your family or how they are dividable. It does not make sense to have an estate plan and then allow it to lapse and not work. Performing a periodic, systematic, yearly review ensures the interfere of your estate plan. At Dafoe Law, PLLC we offer the Annual Estate Support and Peace of Mind Program, which allows you to ensure that your plan is up to date.
Dafoe Law, PLLC is a Life Care Planning law firm serving the Estate Planning, long-term care, probate, and trust administration needs of clients in Saginaw, Bay, Genesee, Huron and Tuscola Counties. Dafoe Law serves Frankenmuth, Bridgeport, Birch Run, Reese, Millington, Clio, Vassar, Saginaw, Saginaw Township, Freeland, Thomas Township, Spaulding Township, Burt, Bay City, Essexville, Munger, Kochville Township, Caro, Cass City, Sebewaing, Unionville, Pigeon, Bad Axe. Travis I. Dafoe is a member of the National Academy of Elder Law Attorney and WealthCounsel. Dafoe Law, PLLC is also a member of the Life Care Planning Law Firm Association. Start estate plan