Estate Planning in Michigan: What to Review in the New Year
Estate planning in Michigan is not something you set and forget, especially as you head into a new year with changing laws, finances, and family needs. The beginning of a new year often inspires reflection and planning. Many people focus on finances, health goals, or family priorities. However, one area that frequently gets overlooked is estate planning. Reviewing your estate plan at the start of the year can help ensure your documents still reflect your wishes, comply with Michigan law, and protect the people you care about most.
Estate planning in Michigan is not a “set it and forget it” process. Life changes, laws evolve, and family dynamics shift. As a result, reviewing your plan annually, or at least every few years, can prevent problems and provide peace of mind. Below is what Michigan residents should review in the new year when it comes to estate planning.
Why Estate Planning in Michigan Deserves a New Year Review
Estate planning in Michigan involves more than simply having a will. A complete plan addresses incapacity, asset distribution, guardianship for minor children, and decision-making authority. Over time, even a well-drafted plan can become outdated.
For example, marriages, divorces, births, deaths, property purchases, and financial changes can all affect how an estate plan functions. Additionally, Michigan law and planning strategies may change. Reviewing your documents at the start of the year allows you to identify gaps before an emergency occurs.
As a result, a New Year review helps ensure your estate plan still works the way you intend.
Estate Planning in Michigan: Review Your Will
Your will serves as the foundation of many estate plans. However, it only works properly when it reflects your current wishes.
When reviewing your will, ask yourself the following questions:
- Do the beneficiaries still reflect your intentions?
- Do the personal representative and backup choices remain appropriate?
- Does the will account for changes in family structure?
- Does it coordinate with other estate planning tools?
In Michigan, a will does not avoid probate. Instead, it provides instructions to the probate court. If your goals include privacy or simplicity, your current will may no longer align with those objectives. A New Year review offers the opportunity to determine whether your will still fits into your overall plan.
You can learn more about our approach to wills and estate planning at
https://www.legacylegalbusiness.com/estate-planning-probate/
Estate Planning in Michigan: Review Trusts and Asset Titling
If your estate plan includes a trust, reviewing it in the new year is especially important. A trust only works when assets are properly titled or funded into it.
During a review, consider:
- Are real estate, bank accounts, or investment accounts titled correctly?
- Have you acquired new assets that should go into the trust?
- Do successor trustees remain appropriate?
- Does the trust still reflect your distribution goals?
Many people create trusts but forget to update asset ownership afterward. As a result, those assets may still pass through probate. A New Year review helps ensure your trust functions as intended.
Estate Planning in Michigan: Update Powers of Attorney and Healthcare Directives
Estate planning in Michigan also focuses on incapacity planning. Powers of attorney and healthcare directives allow someone you trust to act on your behalf if you cannot make decisions yourself.
At the start of the year, review:
- Who you named as your agent
- Whether backups remain appropriate
- Whether documents still reflect your wishes regarding medical care
- Whether financial institutions accept your current documents
People often name agents years earlier without considering whether circumstances have changed. For example, relationships may shift, people may relocate, or health issues may arise. Updating these documents ensures the right person has authority at the right time.
Estate Planning in Michigan: Check Beneficiary Designations
Beneficiary designations play a critical role in estate planning in Michigan. Life insurance policies, retirement accounts, and some bank accounts pass directly to named beneficiaries. These designations often override wills and trusts.
Because of that, reviewing beneficiaries in the new year is essential. Ask yourself:
- Do these beneficiaries still reflect your wishes?
- Have you updated them after a divorce or remarriage?
- Do they coordinate with your overall estate plan?
Outdated beneficiary designations create confusion and unintended consequences. A coordinated review helps ensure all parts of your plan work together.
Estate Planning in Michigan After Life Changes
Life changes often trigger the need for an estate plan review. The new year provides a natural checkpoint to address these events.
Common life changes include:
- Marriage or divorce
- Birth or adoption of a child
- Death of a loved one
- Buying or selling property
- Significant changes in finances
- Changes in health
Each of these events can affect how an estate plan operates. Reviewing your plan early in the year helps avoid rushed decisions later.
Guardianship Planning
Parents should pay close attention to guardianship provisions in their estate plans. While no one wants to imagine worst-case scenarios, naming a guardian provides clarity and protection for children.
When reviewing guardianship provisions:
- Confirm the guardian choice still makes sense
- Name backups in case circumstances change
- Consider whether financial planning supports the guardian’s role
Without proper planning, the court may decide who serves as guardian. Reviewing these decisions at the start of the year ensures your voice remains part of that process.
Estate Planning in Michigan and Probate Considerations
Many people review estate planning in Michigan because they want to reduce probate complications for their families. Probate can involve court oversight, public filings, and delays.
While probate is not always avoidable, thoughtful planning can reduce its impact. Reviewing your estate plan allows you to evaluate whether your current approach still aligns with your goals.
For general information on Michigan probate procedures, you can visit the Michigan Courts website:
https://www.courts.michigan.gov
Review Frequency and Best Practices
Although the new year provides an ideal time for review, estate planning in Michigan should remain an ongoing process.
Best practices include:
- Reviewing your plan every 3–5 years
- Reviewing sooner after major life changes
- Keeping documents accessible but secure
- Communicating your plan to trusted individuals
Consistent reviews help prevent outdated documents from creating confusion or conflict.
Why Estate Planning Is About More Than Documents
Estate planning focuses on people, not just paperwork. A New Year review allows you to confirm that your plan reflects your values, relationships, and goals.
Clear planning can reduce stress for loved ones, prevent disputes, and provide guidance during difficult times. Taking time at the start of the year to review your plan demonstrates care and responsibility.
Final Thoughts
Estate planning in Michigan works best when it adapts to life’s changes. The new year offers a practical opportunity to review your documents, confirm they still meet your goals, and address any updates before problems arise.
Whether you created your plan years ago or recently experienced changes in your life, a review can provide clarity and confidence moving forward.
To learn more about estate planning services or to schedule a review call (616) 681-0100 or, visit
https://www.legacylegalbusiness.com.