Answer: This is a great question. You would be amazed at how many people have older estate plans – 5, 10, 15, 20 years old or more – and have not had them updated. Here is what you should know:
- Your plan should be updated when you have a change in your family (for example, if someone in your family has died, or if you have a new family member who is born)
- Your plan should be updated when you have a significant change in your finances (for example, you inherited some money or retired with a lump-sum payout)
- Your plan should be updated if your health changes. One of the biggest fears today is losing your home and life savings to the nursing home or other long-term care costs. There are options available to protect your home and life savings, you just need to be educated about those options.
- Your plan should be updated if the law changes (for example, Michigan’s durable power of attorney law changed in 2012).
As your family, financial and health needs change, you want to make sure your estate plan works the way you intended. We offer a free estate plan review to make sure your plan is up to date and to help you determine whether any changes are necessary.
Glenn Matecun is a partner with the law firm of Matecun, Thomas & Olson, PLC in Howell. He is one of only 19 Certified Elder Law Attorneys in the State of Michigan and focuses on estate planning (Wills & Trusts), elder law, nursing home planning (including Medicaid benefits) and senior Veterans’ benefits. Email questions to [email protected], or if your question is urgent, call (517) 548-7400. Visit us at www.MichiganEstatePlans.com. The information in this column is not intended as legal advice