As the season changes to warmer weather, it is a good time to reevaluate your estate plans in Michigan. Perhaps you wrote a will, but you have not made any changes to it since. There are certain circumstances that call for adding to, or changing, a will, so now is the perfect time to consider if you should make any changes.
According to The Network Journal, you should always revisit your will when you experience big life changes. Obviously, marriage presents the perfect time to make changes. Without a will your spouse will more than likely receive some of your estate, but if you want to ensure he or she receives more, you will need to add to the will. This is especially true if you are living with a serious companion but are not planning on getting married.
Unfortunately, not all marriages make it. After a divorce, make sure to take a good look at your will and change beneficiaries as well as the trustee if it was originally your now ex-spouse. A new baby and remarriage are two additional reasons to change your will.
According to FindLaw, some other good reasons to revisit your will include as you approach retirement age, if you inherit or acquire a large asset, your estate increases or decreases significantly in value and if a named beneficiary is no longer living. Even if you are not experiencing any life changes, it is a good idea to review your will on a semi-regular basis to make sure it is up to date.