Estate planning is not a one and done deal

Getting an estate plan together can seem to be a difficult task. There are a lot of things to consider. When the task is finally done, it can be a big relief knowing that all the necessary protections for one's assets and loved ones have been put in place. However, for those residing in Michigan or elsewhere, estate planning is not a one and done type of deal. Updating these plans is often necessary.

For those who take care of estate planning early on in their adult lives, updating is imperative. A lot can happen from one's 20s or 30s until death or incapacitation occurs. After any major life event, one should review the plan and make any necessary changes.

What things might need to be changed down the line? Beneficiaries, for one. Having children or losing loved ones can change how one would like his or her estate distributed. Changing or adding beneficiaries is a simple task, but if not completed, it could cause a lot of trouble in the future.

Another thing that may need to be changed are powers of attorney. In the event of one's incapacitation, it is important to have a person in place who will be responsible to handle all one's medical and financial decisions. Who that personal representative is may be changed if there are concerns about the individual initially named or if marriage or divorce occurs -- among various other reasons.

These are just a couple things in an estate plan that may need to be changed over time. Obviously, there are many more things that may need to be added, adjusted or removed. Michigan residents can seek legal assistance from an estate planning attorney, preferably sooner rather than later, when estate plans need review so that the necessary updates can be made.

Source: marketwatch.com, "Is your estate plan up to date? Check these 5 things", Melody Juge, Jan. 11, 2017