A will, and in many cases, a trust, are essential parts of planning for the future. But don't think creating a will or a trust is a one-time proposition. Even if you have a valid document, it may need to be updated for a variety of reasons. For example:

1. Deaths - If individuals named (as heirs, executors or trustees) have died or they become incapacitated, your documents should be changed.

2. Assets. Revisions may be needed if the value of assets has increased or decreased significantly, or they are no longer owned. For example, if you specifically leave your home to one of your children, and later sell it, you may want to change the distribution of your other assets.

3. Marriage - Wedding bells usually signal the need to review a will. Which assets should pass to your spouse? Are step-children involved? If this is not spelled out in a will, the state will decide. In a community property state, a spouse automatically inherits half of all community property. In most other states, a spouse may receive one?third to one?half of the estate, absent any other directions. A trust may alter the result from these changes  occurring with a will.

Also, keep in mind that an unmarried couple living together may want to leave assets to each other but in order to make an inheritance happen, it must generally be spelled out in a will.

4. Divorce - In many states, a divorce automatically revokes a will or those provisions concerning an ex?spouse but not those same type of provisions in a trust, unless so stated. As a result, if you get divorced, it's best to have a new will drafted. For instance, you might have your former spouse removed as a primary beneficiary. In addition, you may want to change the beneficiary of your life insurance, pension or any existing IRAs. You will want to consider the use of a trust if children from a previous marriage are involved.

You may also want to change your will or trust if one of your children gets divorced.

5. Births - Once parents have children, their wills should be amended immediately to include the names of guardians to care for the children in the event the parents die prematurely. Also, parents or grandparents might wish to restructure their wills concerning distribution of assets after children are born. Again, the use of a trust may be recommended.

6. Retirement - This event may also trigger the need to make changes to an existing will. For example, many retirees sell their homes and move to other states. But state laws can vary widely. This may also suggest that a trust would be useful to bring predictability to the results in the event of a death.  In addition, while all persons should consider the use of durable powers of attorney for health care and for general purposes. Individuals nearing or entering retirement should have these types of documents in place to protect them from their own incapacity or simply for use for convenience.

7. Tax law revisions - The Internal Revenue Code is regularly changed. In fact, many aspects of estate tax planning are in flux right now. A will and or a trust that is designed to take advantage of maximum tax benefits that exist today may have to be updated as tax laws change.

You don't have to tackle this problem on your own. If you need to update a will or a trust, please contact us as your estate planning advisers to guide you.

Kalamazoo may regulate home-based caregivers via its home occupation ordinance.  This approach is similar to that taken by the City of Grand Rapids and would require additional permits and inspections, reports Mlive.com.

The City of Lansing is considering a similar home occupation ordinance; however, Michigan's capital has proposed a second medical marihuana ordinance to zone for compassionate care centers, which are defined as non-residential establishments "where marijuana is used, grown, stored or dispensed."

Hubbard Law Firm employees and their families helped raise funding and awareness on Sunday, June 13, 2010 by taking part in the National Kidney Foundation of Michigan's Greater Lansing Kidney Walk.  The walk is a non-competitive walk designed to educate people on the prevention of kidney disease and to raise money to support such programs as providing kids on dialysis or with kidney transplant a summer camp experience and researching cures.  The walkers enjoyed a pleasant stroll through Potter Park Zoo after listening to supporters celebrate life and the Foundation's mission. 

Shareholder Andria Ditschman's husband, Erich, who spoke on the benefits of dialysis and his experiences with it over the past ten years, as well as the need for continued education, was recognized for his efforts with the Foundation, raising over $60,000 in the past ten years.  The Hubbard Law Firm is proud to be one of Erich's NKFM Walk Team, The Riverdudes', first sponsors in 2001.  In addition to the walk, this year, Erich will be paddling his way down the 225 miles of the Grand River in July to raise additional funds.  Congratulations to Erich on his accomplishments! Hubbard Law wishes him the best on his trip and encourages all to learn more about kidney disease and what you can do to prevent it and help those who deal with the disease every day. Visit the Paddling On Dialysis For Kidney Health blog for more information or to sponsor Erich's quest:  http://paddlingondialysisforkidneyhealth.blogspot.com/.

Milford Township has imposed a temporary prohibition on medical marihuana businesses while the Cities of Lapeer and Manistique are considering similar actions.