As difficult as it is to think about, every person will die, so it is important to have a plan in place to protect familial assets when this inevitable event occurs. For those in Michigan who have an estate plan, it may be time to review and update some documents. Life circumstances can change quickly and, as they do, estate plans need to address these changes. Here are some things to avoid when updating an estate plan.
Neglecting to review financial accounts
When it comes time to update an estate plan, some people get so focused on their estate plan that they forget to check up on their financial accounts. Many documents in an estate plan require that beneficiaries are designated. When reviewing beneficiaries, remember to also review beneficiary designations on financial accounts and trusts, as this may affect how assets are passed down.
Forgetting to update ancillary documents
When updating an estate plan, many families tend to only review and update wills and trusts. However, it is also crucial to take time to review and update ancillary parts like health care directives or powers of attorney. Although these ancillary documents are good forever, they may need modifications when addresses, phone numbers or agents change.
Where to go to update or create an estate plan
Death is inevitable, so it only makes sense to prepare for it. Unfortunately, too many families put it off until it’s too late. Those in Michigan who want to know more about estate planning may want to contact a legal representative. A trusted attorney can help families update their estate plans or create a plan to meet their specific needs.
