An estate plan is not something you create and then forget about. It is important to review it regularly and update after any major life event. Life continues to change, and your estate plan should be updated accordingly.
I always recommend clients review their estate plans and make any updates that are needed every two to three years or after a major life event. If a major life event happens, your estate plan should be updated that year to ensure that your estate plan reflects your current life situation.
Major life events include, but are not limited to:
- Marriage or divorce
- Buying or selling a home
- Birth or adoption of a child
- Death of an individual named as a successor in your estate
- Change in guardian for your minor children
- When your child becomes an adult
- Closing or opening of a business
In addition to regular review, updating your estate plan after a major life event is extremely beneficial. For example, when your children are minors, a guardian and conservator will need to be appointed in the event you are unable to care for them. In addition, you will want to add them to your estate and you may want to structure when they would get assets through a trust. You have options when it comes to structuring your estate for your children. You may decide whether you want your children to receive their entire portion of your estate at age 18; or you may opt for your children to receive one-third of the estate at age 21, one-third of the estate at age 25, and the final one-third at age 28.
However, as your children age and grow into adults, you may wish to change your estate plan to add them as executors, trustees, or powers of attorney. These types of changes do not necessarily require a complete overhaul of your estate, but rather an amendment or codicil to your already existing documents.
One important life change that always requires a modification to your estate plan is a major move, especially if your estate plan involves a trust. If you have a home that has already been deeded to the trust but later move from that residence into a new one, it is imperative that you prepare a new deed and new certificate of trust, adding that new home into the trust. By not making this change and waiting too long to do so, you risk having this home go through probate in the event of your death.
At Sullivan Law, we offer estate planning packages at a flat and reasonable fee, including simple amendments to already existing documents. We also offer free consultations to discuss what your needs are, what you would like to do, and how that can be best accomplished. Everyone’s needs are different, and your wishes should be clearly listed and understood.
Call us at 248.917.1351 or email at asullivan@sullivanlawonline.com to schedule your free consultation today. We look forward to working with you!