Is your will outdated?

You drafted your will while your child was young, and that put you ahead of the curve when it comes to estate planning in Michigan, since many people procrastinate until it is too late. As time has gone by, though, your original wishes may not be relevant or appropriate for your child anymore. Forbes magazine explains that there are a number of circumstances that could make your will unsuitable, including the following:

  •          Your child is no longer a minor.
  •          You have another child.
  •          Your child marries and/or has a child.
  •          You and your spouse divorce.

If you do not address any one of these changes right away, your current will could end up doing more harm than good.

Adult children often have varying levels of financial success in life, and this may make a difference in how you want to allot your assets to each of them. If one child goes through a divorce and is having a hard time, or if the job market crashes, you may want to take this into consideration and make changes that are appropriate for the moment. By keeping your will consistent with current circumstances, you can make sure that your family is always protected.

Because you are making adjustments as needed, you should also talk about these with your family so there are no surprises or disputes. In fact, it may be better to communicate your decisions before you make the changes, in case your spouse or child has input that would alter your understanding of the situation. This information about will updates is educational in nature, and should not be considered legal advice.