Estate Plan Review Lawyer Proudly Serving Livonia, Plymouth, Northville, and Surrounding Areas
When is it Time to Review and Update Your Estate Plan?
Creating a comprehensive estate plan gives you the piece of mind of knowing you have taken steps to care for your family now and in the future. As time goes by, it is however important to keep your plan up to date. If your estate plan isn’t kept up to date, it may no longer accomplish the goals that you had initially considered.
While a good estate planning attorney will build flexibility into your comprehensive estate plan during the initial setup, it is still a good idea to review at a minimum every 3 years. Common terms that you will hear when updating your estate plan is trust amendment and will codicil. A trust amendment is the process of updating your revocable living trust and a will codicil is the term for updating your will.
Common Reasons for Reviewing and Updating Your Estate Plan:
While it is good to review an estate plan every three years, there are many life events which may necessitate the need to review sooner. Some common reasons to review and update your estate plan include:
Marriage and Divorce: Changes to family dynamics are a good reason to update your plan. If you have married or remarried, it is important that your estate plan includes your new spouse while still providing for your children of your first marriage if applicable. Also, for divorce it is important to update your documents if your intentions have changed on your whether your ex-spouse will receive your inheritance as a beneficiary.
Children: Whether you are expecting your first child, have a new blended family dynamic as a result of your spouse bringing children from a previous relationship, adopting a child, disinheriting a child, or a child becoming an adult, children are often a reason to review and update your estate plan to ensure that they are provided for.
Changes to Beneficiaries: Whether you are adding or removing beneficiaries, it is important that all your estate planning documents are updated so as not to create a conflict at your passing. Also, if your beneficiary has predeceased you, now requires special care, or benefits from governmental benefits like Medicaid it will be important to update your plan. Further, if a beneficiary has taken on a lot debt, it is important to consider adding a spendthrift provision to ensure that your wealth is not transferred directly to the creditors.
Tax Changes: Whether you have moved to a different state, had a significant change in assets, or their has been a change in the law, it is important to review your estate plan to ensure that it will not be needlessly taxed at your passing.
Updating your Fiduciaries: An estate plan when originally created with have a personal representative to manage your will, a trustee for your trust, and powers of attorney for your finance and healthcare. If one of your fiduciaries pass away, you child is now an adult and able to handle the role, or you feel that they are no longer the person that you want to entrust with these important responsibilities, it is a good time to update your plan and name new fiduciaries.
Owning, Selling, or Planning to Open a Business: Creating or updating a business succession plan. A succession plan helps to ensure that the who will run the business and how the assets will be passed down after your death.
How to Update Your Estate Plan?
The reasons to review and update your comprehensive plan are numerous as evidenced above. Discussing your estate plan with an experienced local attorney when you have one of the above life changes is an important step.
Matt Devitt Law, PLC will complete a comprehensive estate plan review, listen to your individual goals and wishes, and seamlessly make the changes throughout your comprehensive estate plan. We realize the importance of updating your estate plan to honor your wishes. Further, we understand that you have worked hard throughout your lifetime to provide for your loved ones and it is a big responsibility to be a part of making sure that your wishes for your estate are honored. For these reasons, Mr. Devitt makes keeping the client informed and a part of the process throughout, as well as, simplifying the agenda a top priority during the entire planning process.
A bit about us – Matt Devitt Law is a full service estate planning law firm located in Livonia, MI. In addition to estate planning we also provide legal counsel for small businesses and off a full suite of real estate legal services as well.
We work with our surrounding communities including Livonia, Northville, Plymouth, Novi, Farmington Hills, and beyond. Our focus is on providing pragmatic value based solutions for your estate planning, small business, and real-estate legal needs. Give Matt a call (734) 335-0713 for a free consult. We are also proud to offer full estate planning services virtually when requested.
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