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Why Updates Matter
An estate plan is not a one-time task. It should grow and change as life changes. Major events like marriage, divorce, birth or adoption of a child, death of a loved one, a move to a new state, or a large change in wealth can affect who should receive your property and who should make decisions for you if you cannot. Updating your estate plan helps prevent confusion, reduces family conflict, and makes sure your wishes are followed under current laws.
When to Review Your Estate Plan
A good rule is to review your estate plan every two to three years, and also whenever a major life event occurs. Marriage often requires adding a spouse as a beneficiary, updating titles to jointly owned property, and appointing a spouse for roles like executor or agent under a power of attorney. Divorce usually requires removing an ex-spouse from beneficiary designations, powers of attorney, and roles such as executor or trustee, as well as revising how property is divided. The birth or adoption of a child calls for naming guardians, updating your will or trust to include the child, and setting up plans to manage money for them until adulthood. The death or incapacity of a beneficiary, executor, trustee, or guardian means you should name new people to fill those roles and adjust distributions. A move to a new state can affect the validity and interpretation of your documents because estate, probate, and property rules vary by state. A major change in finances, such as buying or selling a home, receiving an inheritance, starting or selling a business, or significant changes in investments, may require retitling assets, updating trusts, and reviewing tax planning.
Key Documents to Update
Start with your will, which directs how your property will be distributed and who will serve as executor and guardian for minors. If you have a revocable living trust, review the trustee and successor trustee, how the trust distributes assets, and whether new assets have been properly titled in the name of the trust. Update beneficiary designations for life insurance, retirement accounts, and payable-on-death or transfer-on-death accounts, because these pass outside the will and control who receives those assets. Review your durable financial power of attorney to confirm the right person can manage your finances if you cannot. Check your health care proxy or medical power of attorney and your living will to ensure your medical wishes and chosen decision-maker are current. If you own a business, update any buy-sell agreements and succession plans so ownership transfers smoothly.
How to Make Changes Safely
Making handwritten changes on existing documents can cause legal problems. Instead, create new documents or formal amendments. For a will, use a new will or a codicil executed with the same formalities, usually witnessed and, in many states, notarized. For a revocable trust, prepare a trust amendment or a complete restatement if there are many changes. For powers of attorney and health care directives, sign new versions and deliver copies to the agents, your doctor, and relevant institutions. For beneficiary designations, use the official forms from your bank, insurer, or retirement plan provider, and keep confirmation of changes. After updating, destroy old originals when appropriate, keep signed originals in a safe but accessible place, and give key people copies and instructions on where originals are stored.
Special Issues After Marriage
After marriage, consider whether to hold certain assets jointly and whether your state has community or separate property rules that affect ownership. Coordinate beneficiary designations so they match your estate plan and avoid accidental disinheritance of children from prior relationships. Review life insurance amounts to protect a spouse and dependents. If prenuptial or postnuptial agreements exist, make sure your estate documents comply with those contracts.
Special Issues After Divorce
After divorce, many states automatically remove an ex-spouse from certain roles, but not all changes happen on their own. Update every beneficiary designation because retirement plans and insurance may still pay to an ex-spouse if the form is not changed. Replace an ex-spouse as executor, trustee, agent under powers of attorney, and health care proxy. Review property titles and deeds to confirm transfers required by the divorce decree are complete. If you pay or receive child support or spousal support, consider life insurance or trust provisions to secure those obligations and protect minor children.
Planning for Children and Other Dependents
When you have a new child or dependent, name a guardian in your will to care for them if you cannot. Consider a trust to hold and manage assets for a minor, with clear instructions on when funds can be used for education, health, and support, and at what ages distributions can be made. If there is a child with special needs, use a supplemental needs trust to protect eligibility for public benefits and to provide long-term management. Update beneficiary designations to route funds into the trust rather than directly to a minor.
Coordinating Property Titles and Beneficiaries
Your estate plan and your asset titles must work together. Retitle accounts or real estate to your trust if your plan uses a living trust. Check that joint ownership with rights of survivorship will not override your intended distributions. Align payable-on-death and transfer-on-death designations with your will or trust so that assets do not bypass important protections, such as trusts for minors. Keep a complete list of accounts, policies, and digital assets, and update it when you make changes.
Tax and Debt Considerations
Tax rules and exemption amounts can change over time. Review whether your plan still uses the best tax strategy for your situation, including portability for married couples, step-up in basis planning, state estate or inheritance taxes, and charitable gifts. Consider how debts, mortgages, and personal guarantees will be paid and whether insurance or liquidation plans are needed. If you own property in more than one state, explore tools like a revocable trust or transfer-on-death deeds to avoid multiple probate proceedings.
Keeping Your Plan Current
Set a reminder to review your plan regularly and after any life change. Document your choices and communicate them to your executor, trustees, agents, and close family so they understand their roles. Store documents securely, keep them organized, and note how to access digital accounts. By keeping your estate plan current after marriage, divorce, the birth of a child, and other major changes, you protect your loved ones and make sure your wishes are carried out clearly and efficiently.
We Can Help
For tailored guidance and to ensure your Michigan estate plan reflects your current wishes, contact our firm to schedule a consultation. Our team can review your existing documents, update beneficiary designations, and prepare any revisions needed so your plan works as intended. Reach out today to get started.
