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.
In the event of the death of a divorced parent who has remarried the issues surrounding inheritance could become contentious. Children of the prior marriage may be more concerned about their rights than the rights of a surviving spouse and minor children from the subsequent marriage. To avoid the conflict and heartache that this could cause, an estate plan can be modified to provide for the second family while not ignoring the first.
An estate plan can be modified to include very specific instructions in the will regarding who will receive what assets. Frequently the most valuable asset is the home. If the home is to be sold, instructions can stipulate that the surviving spouse and children from the second marriage may remain there during the sales process. Trusts can be created to provide for children from both marriages.
Starting a new family in Michigan is normally a happy occasion that one may not wish to mar by having to contemplate one’s own mortality. When there is so much at stake, in particular the welfare of minor children, providing instructions in the event of one’s passing can be a priceless gift to both families. An experienced estate planning attorney in Michigan can review one’s financial asset and property distribution to help ensure that one’s final wishes are successfully carried out.