The new law will enable our state to benefit from a statutory scheme that's consistent with national trends, while maintaining the better features of Michigan law. But this may be a good time to meet with your legal counsel to make sure your trust is properly funded.
EPIC changes a spouse's right to exempt property, and the right to certain allowances.
Under certain circumstances, a surviving spouse and children who were omitted from estate documents are entitled to state-mandated portions of an estate. You can avoid problems where EPIC is concerned by updating your estate plan whenever there are major life changes such as marriage, divorce, remarriage, or the birth of a child. EPIC introduces modern portfolio management theory to fiduciary investment. Now, fiduciaries will be able to select investment instruments with a view to the total return of the portfolio, rather than individual investments. Fiduciaries will also be able to delegate investment and portfolio management functions.