The birth of a child and estate plan revisions

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.

If you are a new parent, you may want to revise your will in order to ensure that they have a legal guardian in the event that anything happens to your or their other parent. Or, perhaps you are a new grandparent and you want to set up a trust in order to make sure that your grandchild will have the support they need. Regardless, it is very important to take children into consideration when it comes to estate planning and there are various reasons why it is smart to revise your estate plan once you have a new addition to the family.

We know that for some people, revising an estate plan can seem incredibly difficult. New parents, for example, may feel tired and think they are already overwhelmed with other responsibilities. However, it is imperative to make sure that your estate plan will support those you love in accordance with your wishes.