Events Where You Need A Quick Estate Plan Update

Estate planning helps you manage your estate efficiently for situations where you may be incapacitated or after your death. Estate planning helps with tax saving in the estate plan. You also need to mention who will make all the decisions for you if you cannot make them on your own. However, your bond with people may change over time. Therefore, you must update your estate plan with an estate planning attorney Michigan if there are certain life events. This will help ensure your estate plan is always in the best shape. Let’s discuss some such events. 

Marriage

When planning to get married, you may not be thinking about estate planning. But you must update your estate plan if you are getting married. You may want to add your spouse as an emergency contact. You would also want them to receive the assets after you pass away. If you have children from a previous marriage, you must make things clear in your estate plan. This will help ensure everyone lives peacefully in case of your death.

Arrival of children or grandchildren

The arrival of a new baby is always happy. But this does not mean the baby will be added to the estate plan. It is a whole procedure that you need to complete. When there is a new child or grandchild, you must add them to the list of beneficiaries in your estate plan. You can also make adjustments to how your assets should be distributed among the children you have. This will help ensure everyone receives something from your belongings.

Divorce

Divorce is a mentally exhausting process for anyone. But after the divorce, you must schedule a meeting with your Ann Arbor elder law expert. The estate planning lawyer can help assess your assets and update the plan according to your current status. You also need to focus on your insurance plans and retirement accounts. You may need to update the power of attorney. It is also an excellent opportunity to look at the trust and will.

Whether a loved one arrives or departs, you must pay attention to your estate plan. Keeping it updated is always a good idea to avoid problems in the future.

About Castle Wealth Group Legal:

Castle Wealth Group Legal is one of the most reputable legal firms that can provide the best lawyers in Michigan. These attorneys ensure to offer the best advice that will enable you to make informed decisions. Hence, your estate plan will match your wishes.

To get more details, visit https://michiganestateplanning.com/