We're often asked, “Do I need to update my estate plan?” Our response is if you are wondering, the answer is YES. People often view their estate plan as a static document, but just as your life changes, your estate plan needs to change as well.

There are several life-changing events, including law changes, marriage, divorce, having a child or grandchild, and losing a loved one. For these reasons and more you may need to consider an update to your estate plan.

An out-of-date plan is often worse than no plan at all. An often-overlooked reason to update your plan is that individuals you named to serve important roles such as guardians, personal representatives or trustees are no longer the right choice for the role.  We have seen instances where an ex-son-in-law continued to be named as the successor trustee or where the individual named to be the guardian was dealing with alcohol related issues.

The best time to complete or update an estate plan is often right now. Estate planning is one of the easiest things to procrastinate, but our experience is that you never know the next card in the deck. Do yourself and your family a huge favor and address this important pillar of the financial planning process.

To get started on your estate plan today give us a call (248)873-3244. We're looking forward to meeting you and helping you achieve your estate planning goals.