Should I review my Will or Trust?

Statistics show that millions of grandparents are currently acting as the primary care giver to their grandchildren. If you are caring for a grandchild, you should review your estate plan immediately. If your will or trust was prepared years ago, the document may not reflect your current wishes. Your old will or trust may not provide for the grandchild you are caring for. As the care giver for your grandchild, you may be the only provider they have. If something happens to you, your assets may not be available for the grandchild’s health, education or support. In most cases, the grandparents are taking care of a grandchild because the parents are unable to provide the financial and emotional support that is needed. If you do not update your will or trust, you may disinherit your grandchild and leave them with no means of support. Additionally, if you have never done a will or a trust, at your death the State of Michigan will divide your assets according to state guidelines. In most cases, these guidelines will automatically provide for your children and not your grandchildren.