Many people wrongfully assume that they do not need to think about such things as estate planning if they are just starting out or do not have a great deal of valuable assets. Yet, anyone in Michigan who has children would be wise to make estate planning a priority. Also, residents should seriously consider how the size of their estate or number of owned properties can factor into an estate plan.
One couple was recently shocked when their older parents insisted they take the time to begin the estate planning process. They were going on a cruise and planned to leave their young child in the care of the grandparents. The grandparents rightfully made it clear that they needed legal documentation to ensure the fate of the child if something were to happen to them on the cruise. This incident highlights that anyone with children should have an estate plan in place, regardless of their age.
Another couple found that having too many properties may complicate the estate planning process and make it more difficult to leave assets and funds to their children. Downsizing or simplifying assets may help the process of leaving those assets simpler and with less of a tax burden. At any age, having a health care directive or power of attorney in place is essential, as health issues or accidents can occur at any time.
While the idea of outlining who gets what or who will raise children can be overwhelming for some, it is essential for the protection of everyone involved. In Michigan, it is better for families to discuss options and plans. When those involved understand the estate plan and what is wanted, the process may be smoother and less stressful for everyone.
Source: calaverasenterprise.com, “Get motivated for estate planning“, Bonnie Kuhn, May 23, 2014