An estate plan should be an ongoing process in Michigan and around the country. Many factors can prompt the review of existing estate planning documents. Some of these include marriage, the birth of a child, a new job or a second marriage. When starting a new family, the needs of the previous spouse and particularly minor children should be considered.
The United States is largely a land of entrepreneurs. It was founded by people who fled their homelands in search of a better life for themselves and their families. This entrepreneurial spirit thrives in Michigan and elsewhere around the country as new technologies provide the impetus for the birth of new businesses on an almost daily basis. While estate planning is vital for the protection of one's family, it can also be vital to the protection of one's business.
February weather can be cold, snowy and cruel in northern Michigan. It can be a time to cuddle up in front of the fire with a good book or reflect on the resolutions one made for January that are still not begun. Maybe one of those resolutions was to look into estate planning in light of getting a new job or having a new baby. Both are good reasons to consider establishing a plan. Any adult can, and should, have an estate plan.
Creating an estate plan isn't something that you do once and then forget it. Instead, it is a process that requires ongoing attention and updates. Some people put off estate planning for far too long, leaving their loved ones and their assets at risk. Other people create an estate plan and then don't change or correct it ever. Both of those approaches are mistakes.
More and more Michigan residents are becoming aware of the importance of creating and maintaining estate plans. Most people are aware that wills and trusts and other documents involved in estate planning should be periodically reviewed and updated, particularly in the event of a life change such as a marriage, divorce or birth of a child. There is one important issue that is frequently overlooked and can have negative ramifications down the road.