Updating an Estate Plan in Royal Oak 

Estate plans are not one-time documents. In fact, these documents often need to evolve over time to reflect your life circumstances to prevent future disputes and ensure your assets are distributed as intended.

When it comes to updating an estate plan in Royal Oak, it is usually a good idea to review your documents every three to five years to account for any major life changes. An experienced estate planning attorney from The Probate Pro can advise you about Michigan estate laws and help you understand the legal implications of your desired changes.

When Should You Update Your Estate Plan?

Beyond a routine review, you should update your estate plan following major life changes. Life events that could warrant a change to your estate plan in Royal Oak include the following:

• Marriage or divorce: If you get married, you may want to add your new spouse to your plan. In Michigan, divorcing a spouse may automatically revoke certain provisions regarding them, but you should still update your documents immediately to reflect your current wishes.
• New child or grandchild: The birth or adoption of a new child or grandchild should prompt you to update your beneficiaries.
• Death of a loved one: If a person named as a beneficiary or executor passes away, you will need to name a new person for that role.
• Changes in relationships: If you become estranged from a beneficiary or if a trustee becomes unable to serve, you should update your estate plan.
• Changes in health: A diagnosis of a serious illness or disability is a good reason to review your plan and update your healthcare directives and power of attorney documents.
• Change in residence: Moving to another state, or even purchasing property in another state, can have an impact on your estate plan since laws differ between states.
• Significant change in assets: A large change in your finances, such as from acquiring or selling property, receiving an inheritance, or a business change should be reflected in your estate plan.
• Changes to your definition of legacy: As you get older, your priorities may shift and you may want to change how your estate is distributed or include new charitable causes.
• Outdated roles: A person you named for a role, such as a Power of Attorney or Conservator, may no longer be the best fit due to changing life circumstances.

An outdated or unclear estate plan can lead to conflicts among family members and lengthy, costly legal battles. An attorney at The Probate Pro helps create clear documents that avoid future complications.

How to Update Your Estate Plan

A Royal Oak attorney can help to update numerous elements of your estate plan. There are two primary methods for updating a will. One is to create a codicil, which is a legal document that functions as an amendment to your existing will. This option is best for minor, straightforward changes, like adding or removing a small bequest or updating your executor. For substantial changes, such as those that follow a marriage, divorce, or the birth of a child, you may need to draft a new will.

The method for updating a trust depends on its type (revocable or irrevocable) and the extent of your desired changes. For minor changes to a revocable trust, a trust amendment can be drafted and attached to the original document. If you are making numerous or substantial changes, a trust restatement is often a better option. This is a new document that replaces the body of the original trust but preserves its name and date, so you do not have to re-title assets.

It is generally very difficult to amend an irrevocable trust, though there are some very narrow legal exceptions to do so under Michigan law. Your estate plan likely includes documents beyond a will or trust, such as beneficiary designations on bank accounts and life insurance policies. These documents should be reviewed and updated separately from your will or trust, as they override what is stipulated in your will.

Contact a Royal Oak Attorney for Help in Updating Your Estate Plan

If you need help updating an estate plan in Royal Oak, the skilled team at The Probate Pro is ready for your call. We can ensure your estate plan effectively reflects your current life circumstances and goals, including beneficiary changes, asset distribution, and decision-making authority.

We offer a free consultation to help you understand the costs and legal options involved in updating your estate plan before you commit to any services. Give us a call today to request your one-on-one legal consultation with an experienced probate attorney.