The thought of sitting down to put together a will may naturally be unappealing, as people prefer to focus on enjoying life rather than contemplating what would happen to their belongings if they died. Failure to develop an estate plan, however, may mean that a person's family members in Michigan will not end up getting the assets he or she would like them to have in the future. A well-thought-out estate plan also helps to minimize stress and potential conflict among family members after one has died.
Michigan residents can learn from estate plan mistakes
No plan is fool-proof, including an estate plan. While a vital process for any adult in Michigan, there are mistakes in the estate planning process that can truly disrupt or paralyze a person's efforts to have his or her wishes honored after death. Several recent celebrity deaths and estate planning details have made the news as a lesson for others who wish to avoid common estate planning mistakes.
An estate plan is a necessity for Michigan single parents
Being a parent inherently means there are countless decisions and considerations that must be made with the best interest of the children in mind. When a parent is raising children alone, the need for a comprehensive estate plan is imperative, as the fate of children may hang in the balance if a parent dies. Any Michigan single parent who does not have an estate plan may want to create one and include the following documents and provisions.
An estate plan may evolve and need revisiting over time
For many people, simply getting around to creating an estate plan is a major life feat in itself. It is a necessary part of life once one acquires any kind of assets or has a family. However, as much as people may feel like they've been responsible in creating an estate plan, it is essential for Michigan families to understand that an estate plan is not a one-shot milestone. An estate plan needs to be managed and evolve as the times dictate.
A Michigan family estate plan should include online assets
People tend to think about physical assets when they prepare to create an estate plan or discuss one with family members. However, as technology permeates the lives of the young and old, an estate plan needs to include digital assets and instructions for online accounts just as much as it may include instructions for physical assets. Families in Michigan may want to discuss plans and set up a plan to deal with these accounts or update an existing plan as needed.
An estate plan for Michigan families is about more than dollars
People may naturally think that creating estate plans is about how to distribute funds to family members. While the distribution of family fortunes is most certainly part of an estate plan, Michigan families may want to think about how they can incorporate their faith and values into that plan. There are numerous ways a person may carry on religious values, traditions or expectations that reach beyond the scope of a dollar amount.
A will challenge can happen to any Michigan family
One of the most vital and popular documents drafted when an estate plan is set in motion is a will. A will is important and is put in place to clearly outline a person's last wishes regarding his or her estate. Yet, having a will may not be enough to stave off a will challenge. Under some circumstances, family members may find themselves united in the pursuit of a will challenge after a loved one's death. For any Michigan family, comprehensive legal advice and guidance can help to navigate a will challenge situation.
