When most people think about an estate plan, they may naturally think of a will and not much else. Depending on the size of the Michigan estate and the number of beneficiaries, an estate plan can be comprised of a multitude of documents. It is important to understand which documents may pertain to your situation and to ensure you have all of your estate plan issues covered.
There are certain documents and decisions that may only apply to those with children, particularly minor children. Trusts may be best for minor children. There are special needs trusts to ensure children with special needs are cared for in the unique and individual way needed for their particular situation. Guardianship decisions and stipulations also need to be clearly outlined for anyone who has minor children. Without the right documents, the state could decide who gets the kids.
Other unique situations warrant a unique and individualized approach. For example, if there is a family business, business succession planning is a must. Charitable responsibilities and commitments may be extremely important to some. There are special trusts and documents that can ensure charitable giving continues.
It is important to sit down with trusted legal representatives and explore what unique aspects of your estate plan need to be addressed and also what aspects of an existing plan may need to be updated. There simply is no ‘one size fits all’ approach to the estate planning process for any Michigan family. Our website has valuable information that may help families decide the best course of action for their unique situation.