Are you a Michigan resident who has an estate plan already written? If so, there may come times in your life when you must update this plan. At Babut Law Offices, PLLC, we often advise people on when these updates are necessary.
Today, we will take a look at a sampling of the bigger life events that may lead to you needing to edit or change this plan.
The first life events involve changes in your familial structure. This will impact estate plans because you may decide to add or remove individuals from them. You may also want to switch up who gets what. Examples of events in this category include:
- Marriage or remarriage
- Adoption or giving birth to a child
- Discovering a dependent has a previously unknown learning or mental disability
Financial events also often lead to estate plan changes. This includes events that affect your assets both negatively and positively. Positive impacts can include winning large sums of money or coming into a large inheritance. Negative impacts may include going into debt or filing for bankruptcy.
Moving can also be cause for change. Each state handles estate plans and matters of wills in different ways. While your estate plan may be compatible with the laws of your previous home, it may not carry over to your new one. Keep an eye on changes to the law wherever you live and regardless of whether or not you move, too.
If you want to learn more about estate planning, consider taking a look at our webpage on the same topic, linked