Estates and Protected Individuals Code (EPIC) is close to 200 pages in length, so it is not possible to discuss it in depth in this newsletter. However, there are some miscellaneous changes that may be helpful for you to know.

The Effect of Divorce.  Under the old law, your divorce or annulment would revoke any provision you made for your former spouse. It would also revoke any nomination of your spouse as a fiduciary (such as a designation as personal representative of your estate). However, your divorce would not revoke provisions involving your former spouse's relatives. EPIC changes that. Under EPIC, your divorce or annulment revokes any disposition or appointment to or nomination of your former spouse and his or her relatives. It may be that you have divorced your spouse but still want to make provision for a stepchild. If so, you must take affirmative steps to override EPIC's automatic revocation of this gift.

Changes to Trustee Accounting Requirements.  EPIC also changes a trustee's accounting requirements. Under the old law, a trustee was required to provide annual accountings to all presently vested beneficiaries. EPIC allows you to establish rules in your trust about who should receive accountings. For example, perhaps you are leaving your trust assets to your children and grandchildren. You may want to provide in your trust that the trustee is not required to provide the grandchildren with accountings until they reach a certain age. If you currently have a trust, you may want to amend it if you want to limit who is entitled to receive accountings.

Pet Trusts.  A final bonus for pet lovers: EPIC allows you to create a trust for the care of your pet after your death.

This summary is intended as a source of general information.  If you have questions or desire additional information, please contact Ryan M. Wilson at (517) 377-0897 or rwilson@fraserlawfirm.com.