An estate plan should not be signed and forgotten. As life, laws, and finances change, an outdated plan can cause confusion or conflict among family members. Many clients in Southeast Michigan have discovered that major life events rendered their documents obsolete.
Michigan estate planning is governed by the Estates and Protected Individuals Code (EPIC), MCL 700.1101. Powers of attorney now fall under the Michigan Uniform Power of Attorney Act, MCL 556.201. Because laws and personal circumstances change, regular review and updates are essential to ensure your estate plan reflects your wishes.
Review Your Estate Plan Every Three To Five Years
We recommend reviewing your estate plan every three to five years. Even without major life changes, periodic reviews help ensure fiduciary appointments, beneficiary designations, and distribution provisions remain consistent with your intentions.
Under MCL 700.2501, a will must be executed with specific formalities to be valid. While a properly executed will remains effective until revoked or amended, circumstances surrounding the estate may change. A regular review ensures that the document remains consistent with current family dynamics and financial assets.
Update After Major Life Events
Certain events require immediate review, including marriage, divorce, the birth of a child, the death of a beneficiary, or significant changes in assets.
For example, under MCL 700.2807, divorce or annulment generally revokes certain provisions in favor of a former spouse. However, relying solely on statutory revocation can leave gaps or ambiguities in the document. Updating the estate plan after divorce ensures clarity.
The birth of a child may require updates to guardianship nominations and trust provisions. Without revisions, assets may go to unintended beneficiaries or minor children may lack designated guardians.
Changes In Financial Circumstances
Significant changes in assets should prompt a review. You may need to adjust your revocable trust, tax strategies, or beneficiary designations. While Michigan does not have a state estate tax, federal estate tax thresholds and income tax considerations may affect your planning.
Trust administration is governed by MCL 700.7101. Outdated trustee designations or distribution standards can cause complications. We review whether your chosen trustee is still appropriate and capable.
Updating Powers Of Attorney
Powers of attorney should be reviewed regularly. The Michigan Uniform Power of Attorney Act, MCL 556.201, governs their creation and effectiveness. If your agent is no longer suitable due to relocation, illness, or relationship changes, consider revising your documents. It is important to confirm that your designated agents remain willing and able to serve.
Business Ownership And Real Estate Changes
Many clients in Oakland, Macomb and Wayne Counties own closely held businesses or investment real estate. Changes in ownership should be coordinated with buy-sell agreements, succession plans, and estate planning documents.
Failing to update estate documents after forming a business or acquiring property can lead to inconsistent instructions about control and distribution.
The Risk Of Failing To Update
If no valid will exists at death, property passes under Michigan’s intestate succession laws, MCL 700.2101. Those statutes determine who inherits and in what proportions. The result may not reflect personal wishes.
Even with a valid will, outdated fiduciary appointments may cause delays or require court intervention. Regular reviews help prevent these complications.
Work With Counsel To Ensure Compliance
Michigan law contains specific execution requirements for wills and trusts. Amendments must comply with statutory formalities under MCL 700.2502 for wills and MCL 700.7602 for trust modifications. Informal handwritten notes are not sufficient unless they meet strict holographic will standards.
We encourage clients to treat estate planning as an ongoing process. Regular reviews protect family interests and ensure compliance with Michigan law.
Frequently Asked Questions
We recommend reviewing your will every three to five years, or sooner if a significant life event occurs. Even if no changes are needed, it is important to confirm that fiduciary appointments and beneficiary provisions remain appropriate.
Under MCL 700.2807, divorce generally revokes certain provisions benefiting a former spouse. However, other portions of the document remain in effect. Updating the plan ensures clarity and prevents unintended consequences.
A power of attorney under the Michigan Uniform Power of Attorney Act, MCL 556.201 et seq., remains valid unless revoked, terminated by its terms, or invalidated by law. However, financial institutions may question older documents, so periodic review is advisable.
If minor children are born after a will is executed, Michigan law under MCL 700.2302 provides certain protections for omitted children. However, relying on statutory defaults may not reflect personal intentions. Updating guardianship and trust provisions ensures proper planning.
Revocable trusts may be amended or revoked according to their terms and under MCL 700.7602. Modifications must follow statutory requirements to remain valid.
Contact Boroja, Bernier & Associates For A Consultation
Keeping your estate plan current provides clarity and peace of mind. Boroja, Bernier & Associates assists individuals and families in Troy, Shelby Township and throughout Michigan with estate planning and updates in accordance with Michigan law.
Schedule a consultation with the Michigan estate planning attorneys at Boroja, Bernier & Associates, by calling our law offices at (586) 991-7611. Our offices throughout Southeast Michigan with our main office in Shelby Township serve clients throughout Oakland County, Macomb County, and Southeast Michigan.
