IF you found this article then there are some things you already know about estate planning and probably a few that you don’t. A Michigan resident may have additional or different considerations than someone who is a resident of another state. Estate planning is the process of anticipating and arranging for the disposal of property after the owner dies. There is more to learn about estate planning than just simply having a will. It’s an ongoing planning process done to relieve the financial impact of your mortality on those who you left behind. A thorough estate plan may not only reduce the account of charges, but could also help your loved ones understand, resolve and prepare for many of the issues that arise when settling an estate in Michigan.
When arranging an estate plan there are a few things to keep into consideration. Some goals of your estate plan should include: avoiding distraction when it comes down to your final wishes, secure that your children have the guardian of your selection, defend your loved ones by making sure they will receive your assets, scale down collisions among your family members, and making sure you have flexibility before you die.
If you were to die without an estate plan (that includes a will), you would be considered a dead intestate. The state where you lived (in our case Michigan), would determine who got all of your assets. This could mean that some of the people you loved were left out of the distribution and if there is no one who fits the criteria, the government keeps all of your assets. Anyone who has possession of property should perform estate planning for those properties.
The question really isn’t who needs estate planning? What it actually is, is how simple or confound does the estate planning really need to be? Every answer will vary. It will depend on your particular financial, marital and family situation. Please visit our FAQ page for more answers to your questions. If you live in Michigan then contact Michael Colton probate and estate planning specialists.