We all have significant “life events” that occur, but sometimes fail to take action to protect ourselves and our loved ones at those critical times. These key life events might include:
- Marriage
- Dissolution of a marriage (divorce)
- Death of a spouse
- Disability of a spouse or child
- A substantial change in estate size
- A move to another state
- Death of executor, trustee or guardian
- Birth or adoption
- Serious illness of a family member
- Change in business interest
- Retirement
- Change in health
- Change in insurability for life insurance
- Acquisition of property in another state
- Changes in tax, property or probate and trust law
- A change in beneficiary attitudes
- Financial responsibility of a child
Creating the necessary legal documents is important, and so is keeping them up to date. You may have had the help of an attorney to prepare a Will, Trust, and Powers of Attorney for your estate plan. Or perhaps you worked with an Attorney to create a custody agreement as part of a divorce. Or you may have used an attorney to draft a business operating agreement when you formed your company with another individual. It is wise to periodically review and update legal documents to reflect any changes in your circumstances, as well as changes in the law.
Annual reviews with your CPA, Attorney, and Financial Advisor are recommended to make your Estate Plan and other legal documents are current, and to make sure your current insurance coverage is adequate for your current circumstances.
If you would like to speak with a Michigan attorney to discuss your personal or business legal needs, contact us for a free consultation.
