diff --git a/MIGRATION_GUIDE.md b/MIGRATION_GUIDE.md
index 2d6cb41..1ee690f 100644
--- a/MIGRATION_GUIDE.md
+++ b/MIGRATION_GUIDE.md
@@ -1,8 +1,86 @@
-## Migration Guide (v4.0.0)
+# Migration Guide (v5.0.0)
+
+Version `v5` contains a major rework of core functionalities in the `jwt-go` library. This includes support for several
+validation options as well as a re-design of the `Claims` interface. Lastly, we reworked how errors work under the hood,
+which should provide a better overall developer experience.
+
+Starting from [v5.0.0](https://github.com/golang-jwt/jwt/releases/tag/v5.0.0), the import path will be:
+
+    "github.com/golang-jwt/jwt/v5"
+
+For most users, changing the import path *should* suffice. However, since we intentionally changed and cleaned some of
+the public API, existing programs might need to be adopted. The following paragraphs go through the individual changes
+and make suggestions how to change existing programs.
+
+## Parsing and Validation Options
+
+Under the hood, a new `validator` struct takes care of validating the claims. A long awaited feature has been the option
+to fine-tune the validation of tokens. This is now possible with several `ParserOption` functions that can be appended
+to most `Parse` functions, such as `ParseWithClaims`. The most important options and changes are:
+  * `WithLeeway`, which can be used to specific leeway that is taken into account when validating time-based claims, such as `exp` or `nbf`.
+  * The new default behavior now disables checking the `iat` claim by default. Usage of this claim is OPTIONAL according to the JWT RFC. The claim itself is also purely informational according to the RFC, so a strict validation failure is not recommended. If you want to check for sensible values in these claims, please use the `WithIssuedAt` parser option.
+  * New options have also been added to check for expected `aud`, `sub` and `iss`, namely `WithAudience`, `WithSubject` and `WithIssuer`.
+
+## Changes to the `Claims` interface
+
+### Complete Restructuring
+
+Previously, the claims interface was satisfied with an implementation of a `Valid() error` function. This had several issues:
+  * The different claim types (struct claims, map claims, etc.) then contained similar (but not 100 % identical) code of how this validation was done. This lead to a lot of (almost) duplicate code and was hard to maintain
+  * It was not really semantically close to what a "claim" (or a set of claims) really is; which is a list of defined key/value pairs with a certain semantic meaning.
+
+Since all the validation functionality is now extracted into the validator, all `VerifyXXX` and `Valid` functions have been removed from the `Claims` interface. Instead, the interface now represents a list of getters to retrieve values with a specific meaning. This allows us to completely decouple the validation logic with the underlying storage representation of the claim, which could be a struct, a map or even something stored in a database.
+
+```go
+type Claims interface {
+	GetExpirationTime() (*NumericDate, error)
+	GetIssuedAt() (*NumericDate, error)
+	GetNotBefore() (*NumericDate, error)
+	GetIssuer() (string, error)
+	GetSubject() (string, error)
+	GetAudience() (ClaimStrings, error)
+}
+```
+
+### Supported Claim Types and Removal of `StandardClaims`
+
+The two standard claim types supported by this library, `MapClaims` and `RegisteredClaims` both implement the necessary functions of this interface. The old `StandardClaims` struct, which has already been deprecated in `v4` is now removed.
+
+Users using custom claims, in most cases, will not experience any changes in the behavior as long as they embedded
+`RegisteredClaims`. If they created a new claim type from scratch, they now need to implemented the proper getter
+functions.
+
+### Migrating Application Specific Logic of the old `Valid`
+
+Previously, users could override the `Valid` method in a custom claim, for example to extend the validation with application-specific claims. However, this was always very dangerous, since once could easily disable the standard validation and signature checking.
+
+In order to avoid that, while still supporting the use-case, a new `ClaimsValidator` interface has been introduced. This interface consists of the `Validate() error` function. If the validator sees, that a `Claims` struct implements this interface, the errors returned to the `Validate` function will be *appended* to the regular standard validation. It is not possible to disable the standard validation anymore (even only by accident).
+
+Usage examples can be found in [example_test.go](./example_test.go), to build claims structs like the following.
+
+```go
+// MyCustomClaims includes all registered claims, plus Foo.
+type MyCustomClaims struct {
+	Foo string `json:"foo"`
+	jwt.RegisteredClaims
+}
+
+// Validate can be used to execute additional application-specific claims
+// validation.
+func (m MyCustomClaims) Validate() error {
+	if m.Foo != "bar" {
+		return errors.New("must be foobar")
+	}
+
+	return nil
+}
+```
+
+# Migration Guide (v4.0.0)
 
 Starting from [v4.0.0](https://github.com/golang-jwt/jwt/releases/tag/v4.0.0), the import path will be:
 
-    "github.com/golang-jwt/jwt/v5"
+    "github.com/golang-jwt/jwt/v4"
 
 The `/v4` version will be backwards compatible with existing `v3.x.y` tags in this repo, as well as 
 `github.com/dgrijalva/jwt-go`. For most users this should be a drop-in replacement, if you're having 
@@ -13,10 +91,10 @@ You can replace all occurrences of `github.com/dgrijalva/jwt-go` or `github.com/
 And then you'd typically run:
 
 ```
-go get github.com/golang-jwt/jwt/v5
+go get github.com/golang-jwt/jwt/v4
 go mod tidy
 ```
 
-## Older releases (before v3.2.0)
+# Older releases (before v3.2.0)
 
 The original migration guide for older releases can be found at https://github.com/dgrijalva/jwt-go/blob/master/MIGRATION_GUIDE.md.
diff --git a/VERSION_HISTORY.md b/VERSION_HISTORY.md
index afbfc4e..b5039e4 100644
--- a/VERSION_HISTORY.md
+++ b/VERSION_HISTORY.md
@@ -1,17 +1,19 @@
-## `jwt-go` Version History
+# `jwt-go` Version History
 
-#### 4.0.0
+The following version history is kept for historic purposes. To retrieve the current changes of each version, please refer to the change-log of the specific release versions on https://github.com/golang-jwt/jwt/releases.
+
+## 4.0.0
 
 * Introduces support for Go modules. The `v4` version will be backwards compatible with `v3.x.y`.
 
-#### 3.2.2
+## 3.2.2
 
 * Starting from this release, we are adopting the policy to support the most 2 recent versions of Go currently available. By the time of this release, this is Go 1.15 and 1.16 ([#28](https://github.com/golang-jwt/jwt/pull/28)).
 * Fixed a potential issue that could occur when the verification of `exp`, `iat` or `nbf` was not required and contained invalid contents, i.e. non-numeric/date. Thanks for @thaJeztah for making us aware of that and @giorgos-f3 for originally reporting it to the formtech fork ([#40](https://github.com/golang-jwt/jwt/pull/40)).
 * Added support for EdDSA / ED25519 ([#36](https://github.com/golang-jwt/jwt/pull/36)).
 * Optimized allocations ([#33](https://github.com/golang-jwt/jwt/pull/33)).
 
-#### 3.2.1
+## 3.2.1
 
 * **Import Path Change**: See MIGRATION_GUIDE.md for tips on updating your code
 	* Changed the import path from `github.com/dgrijalva/jwt-go` to `github.com/golang-jwt/jwt`
@@ -117,17 +119,17 @@ It is likely the only integration change required here will be to change `func(t
 * Refactored the RSA implementation to be easier to read
 * Exposed helper methods `ParseRSAPrivateKeyFromPEM` and `ParseRSAPublicKeyFromPEM`
 
-#### 1.0.2
+## 1.0.2
 
 * Fixed bug in parsing public keys from certificates
 * Added more tests around the parsing of keys for RS256
 * Code refactoring in RS256 implementation.  No functional changes
 
-#### 1.0.1
+## 1.0.1
 
 * Fixed panic if RS256 signing method was passed an invalid key
 
-#### 1.0.0
+## 1.0.0
 
 * First versioned release
 * API stabilized