People tend to put off anything related to estate planning, as it isn’t a subject many younger people like to think about. Anyone in Michigan over the age of 18, especially anyone with children, may benefit by preparing and executing a will. Those over 18 may also gain by looking into other vital documents that are better to have and not need rather than not have and need.
When there are children involved, a will is a concrete and vital tool in making sure wishes are adhered to. Even if a couple or parent has an informal agreement about what family members may raise an orphaned minor, having it legally outlined is a must. Without a legal document in these circumstances, surviving family members could find themselves fighting over custody.
Another key component of estate planning is a healthcare proxy. Without one, if someone is unable to make medical decisions for themselves, their nearest family may not even be able to make important decisions regarding medical care. It is noted that, in the aftermath of the Virginia Tech school shootings, parents were not able to make medical decisions for their own adult children. A healthcare proxy can ensure trusted individuals are legally able to make important medical decisions when circumstances warrant that action.
Estate planning is a useful tool for almost any age and any stage of life. Even if someone does not have a grand estate, having the basic estate planning documents in place can ease the minds of family members. Having a basic will can help any Michigan resident be prepared for the unexpected and ensure their loved ones are cared for in the process.
Source: cnbc.com, Estate planning points way to will, trust and health proxy preparation, David Mendels, March 2, 2014