Some people set up an estate plan because they are simply looking to the future and want peace of mind, while others experience an unexpected crisis which prompts them to create a trust or will in order to protect their assets. For example, a health scare may cause someone to set up an estate plan much sooner than they were expecting. If you have recently suffered a medical emergency that you did not see coming, it is crucial to not only protect your health but your finances as well. These situations may also cause people to create an estate plan at a relatively young age.
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.
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.
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.
With estate planning, there is no one-size-fits-all solution. If you are in the early stages of setting up an estate plan, it is important for you to find out which route is best given your personal circumstances. For example, some people decide to move forward with a will, while others benefit more from a trust. Moreover, there are many different examples of trusts, from special needs trusts and charitable trusts to other options. In Detroit and cities across Michigan, it is important for people to carefully approach estate planning with their loved ones in mind.
There are many different events in life that may affect an estate plan, including divorce and a change of heart. However, some are completely unexpected and can be devastating in more ways than one. For example, some people suffer unanticipated health problems that result in emotional, physical and financial hardships. Depending on the severity of the health problem, it may even be necessary to go over an estate plan once again. There are a number of different reasons why revisions may be called for in the wake of a health crisis and we will cover some in this post.
Estate planning can be tricky for many reasons, as we have talked about on this blog. For some people, the very idea of setting up an estate plan may be upsetting. Some people may not want to think about the future, or what will happen to their loved ones after they pass away. For others, daily life may be so hectic that the idea of working through estate matters seems overwhelming. Furthermore, some people simply have a tendency to procrastinate. However, pushing off estate planning can be problematic and many people feel a sense of relief after they properly create an effective estate plan.
The laws vary from state to state, but holographic wills are recognized in Michigan, so long as certain requirements are met. Our law office understands that estate planning can be complicated and every person's situation is unique. Moreover, unexpected challenges in life can arise at any time, which may prompt people to make decisions that differ from their original plans. For example, someone may not have an estate plan and they may find out that they have a very short amount of time to live, prompting them to set up a holographic will. This also underlines the importance of planning ahead to be prepared for any unexpected events.
People find it necessary to go over their estate plan for diverse reasons. Not only can the end of someone’s marriage or a change of heart prompt revisions to an estate plan, but there are other major life changes that can impact someone’s estate, such as a debilitating injury. When someone suffers a major injury that leaves them immobilized or adversely affects their life in other ways, they may struggle to move forward from an accident that caught them completely off-guard. However, recovering in every way possible is crucial for people who are dealing with the aftermath of a serious injury and estate plan revision is one area that should not be overlooked.
Divorce can affect a person's life in many ways, bringing stress and financial changes, for example, and this is even more true for many people who go through a high-asset divorce. Moreover, it can also affect one's estate plan, prompting the dismissal of an executor, removing a beneficiary, or finding a new person to take on the responsibilities of an executor. Our law office knows that it can be tough for people to navigate these challenges after they have recently split up with their partner, but going over all of one's options can be tremendously helpful.