Life can change quickly—and your estate plan is one of the most effective tools for protecting your legacy. Making even small updates can help ensure your wishes are honored and your family is spared unnecessary stress and confusion. If you’re unsure where to begin, this blog will guide you through what to review and why a year-end update can give you greater peace of mind and confidence moving forward.
Why Estate Plans Need Regular Updates
An estate plan is not a “set it and forget it” document. Major life events, shifts in your finances, and changes in Michigan estate or probate laws can all affect how your plan works when it matters most.
Common reasons to update your plan include marriage or divorce, the birth or adoption of a child or grandchild, the death of a beneficiary or executor, significant changes to your assets such as buying or selling a business, moving to a new city or state, or new legal requirements that could impact your plan.
By reviewing your plan annually, you can ensure your decision-makers are still the right choice, your wishes are clearly documented, and your plan remains compliant with Michigan law.
What to Review Before the New Year
Before the calendar flips, take a close look at the essentials:
- Will or Revocable Trust – Confirm your executor or trustee is still appropriate and that asset distribution matches your current wishes.
- Durable Powers of Attorney – Verify the individuals you’ve named for healthcare and financial decisions are still able and willing to serve.
- Advance Directive (Living Will) – Make sure your preferences for end-of-life medical care still reflect your current views.
- Beneficiary Designations – Check your life insurance, retirement, and payable-on-death accounts for accuracy and alignment with your estate plan.
- Guardianship Designations – If you have young or dependent children, make sure your designated guardians are still the best choice for their care.
Probate in Michigan: Why Planning Matters
One key goal of estate planning is to reduce or avoid probate—the court-supervised process of validating a will and distributing assets. In Michigan, probate can be time-consuming, public, and costly, especially if your documents are incomplete or outdated.
According to the State Bar of Michigan, probate becomes necessary when property isn’t jointly owned or lacks a beneficiary designation. Proper planning can help your family avoid lengthy court involvement, reduce legal fees and delays, and protect privacy by keeping more of your affairs out of the public record.
Tax and Gifting Opportunities Before Year-End
The end of the year is also a prime time to explore tax-saving strategies connected to your estate:
- Annual Gift Tax Exclusion – Give up to the allowed limit per recipient tax-free to family or friends.
- Charitable Giving – Reduce your taxable estate while supporting causes that matter to you.
- Trust Review – Ensure your trusts are optimized for current tax laws and family needs.
- Business Succession Planning – Coordinate with your attorney and financial advisor to efficiently protect and transition business assets.
These proactive steps can help preserve more of your wealth for those who matter most.
Why Timing Matters
The holiday season often brings tight schedules—not just for you, but also for attorneys, financial advisors, and the courts. Acting before year-end helps you avoid delays from limited availability and ensures you meet important tax and gifting deadlines.
Most importantly, reviewing and updating your plan now gives you peace of mind, knowing your wishes are clear and your family will face less stress and uncertainty if the unexpected happens.
Schedule Your Year-End Estate Plan Review Immediately
If it’s been more than a year since your last estate plan review—or you’ve experienced a significant life change—now is the time to act. Willis Law works with Michigan families who want to protect their loved ones and safeguard their legacies, offering guidance tailored to each unique situation.
Contact us through our online contact form or at (888) 461-7744 to schedule your year-end consultation. We’ll walk you through your current plan, discuss your options, and make updates that reflect your life today.