The task of creating a comprehensive estate plan can be overwhelming and confusing for some. Breaking up the creation of an estate plan into steps is recommended as a way to tackle the process and ensure it is done correctly. Similarly, it is important for Michigan families to weed out steps that may not apply to them and focus on those steps that do.
Some people may wrongfully assume the estate planning process is for families with children or couples with valuable assets to divvy up or protect for the other party's future. Everyone, particularly single Michigan residents, needs to ensure that a proper and well-thought-out estate plan is in place as soon as possible. Single people may be at a greater risk of seeing assets distributed in a manner in which they would not approve.
Couples with children may be apt to go about the estate planning process in a timely fashion as they realize the importance of protecting minor children and ensuring proper care of those children should something happen to both parents. Michigan couples who don't yet or won't ever have children should not postpone creating an estate plan, as it is also important that these couples protect assets and each other in the event one of them dies. There are certain steps a childless couple may want to consider when considering a comprehensive estate plan.
Typically when people marry, they merge all they have and start a new life together. Part of that merging of two lives is preparing for the future with each other. For any couple just starting out in Michigan, it may be a good idea to think about working on an estate plan together once the honeymoon is over.
While everyone may know they need an estate plan and the importance of taking care of affairs in the event of one's passing, it may be overwhelming and confusing to understand the terms involved. Knowing the definition of basic terms associated with a comprehensive estate plan is the first step to ensuring a plan covers all of the needs of a given family. Michigan families typically benefit by sitting down with a professional and exploring basic terms while deciding upon the right steps to take.
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.
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.
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.
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.
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.