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.
Is it time to review your estate plan for accuracy?
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.
Beneficiary designations: Important component of estate planning
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.
