There is no such thing as a standard estate plan or plan for dealing with an inheritance. Each family’s needs are unique, and anything pertaining to an inheritance should reflect that individuality. Just as an inheritance in Michigan may need to be customized, it’s also important to periodically review an existing estate plan as life changes warrant.
There are certain life circumstances that may impact an established plan for an inheritance. One may be the birth of a child or grandchild. This additional family member can mean an old plan simply out of date. A divorce in the family can also signal that it is a good time to re-evaluate an estate plan.
Customization can entail a number of documents or plans of action. For some families, a trust may offer tax advantages and the opportunity to avoid probate. Other families may need to seek a specific kind of trust, such as a special needs trust. Still other families may need to delve into and carefully consider options when it comes to guardianship, while others may be mainly concerned with a business succession plan.
It is important to know customization options and which options will fit your needs and the needs of those who may be beneficiaries of an inheritance. For those in Michigan who have worked tirelessly to amass assets, taking a “draft it and forget about it” approach is clearly at odds with the effort made to achieve the assets in the first place. Our firm understands the various issues that necessitate customization, and our website can give further insight into the options available for those considering these important family issues.