When most people hear the phrase "estate plan," they usually associate the task of allocating assets, assigning executors and beneficiaries, and establishing trusts to elderly folks with money. What is actually the case is that most individuals who have assets benefit from developing an estate plan. In the past, drawing up a list of assets and property could involve cars, sentimental items, a house or money saved in a banking account.
Unmarried couples who live together in Michigan face a unique set of legal matters related to estate and probate planning. Couples who live together but aren't married may be doing so for a variety of reasons. Usually, these types of couples are younger and do not believe in the institution of marriage, or they are elderly and have a more platonic, financially-centered relationship.
Many people may think that if they have completed a comprehensive estate plan that once they die things will be taken care of for them. While estate planning is very important, an estate administration process will still be necessary following a Michigan resident's death.