We have covered many of the reasons why people decide to revise their estate plans, such as the birth of a child, an injury they suffered or the end of their marriage. There are other circumstances in which it may become necessary to go over your estate plan again, however. For example, you may experience a number of different changes with regard to your career which may make it necessary to revise certain aspects of your estate plan. In Detroit, and cities all over the state of Michigan, those whose lives change in significant ways should ensure that their estate plan is also taken into consideration.
When creating an estate plan, it’s natural that you want to leave a portion of your assets to your children to ensure they’re taken care of financially. Conflicts may easily arise in this case, which can put your family bonds and estate in jeopardy. While you can’t always prevent your heirs contesting your estate plan, AARP explains how you can potentially stop a conflict before it occurs.
If you have kids in school, September may be a hectic month, to say the least. Not only could your kids be facing challenges related to school, from adjusting to a new daily schedule to issues involving classmates or schoolwork, but you may have additional stress as well. After all, driving kids to school and extracurricular activities can be demanding. Some parents allow these stressors to get in the way of creating an estate plan during this time of year, but it is extremely important to make sure that you do not push off estate planning.
Estate planning may seem like something you do not have to worry about until you are older or wealthier. However, estate plans are necessary for every stage of life to guarantee the safety of your health and assets should you become incapacitated or pass on, either of which can happen at any time.
There are many different reasons why probate litigation arises and the consequences can be incredibly damaging. Sometimes, these cases may bring financial consequences for those involved and litigation can also be stressful and time-consuming. Worst of all, in some cases, litigation can tear families apart. As a result, you may benefit from thinking about how to prevent probate litigation. Whether you are setting up an estate plan, have been named as the executor of an estate or are listed as a beneficiary, there may be different ways to avoid probate litigation.
We have been over some of the reasons why people need to make revisions to their estate plans, whether they file for divorce or are seriously hurt in an accident and have their entire life changed. However, the birth of a child is a common reason why many people in Detroit and across Michigan decide to revise their estate plan (or even set one up in the first place). If you are expecting a child, or if you are awaiting the birth of a grandchild, it may be necessary to revisit your estate plan and make any necessary revisions.