Galloway and Collens, PLLC
248-284-1990
248-284-1990

Estate Planning Archives

When kids are grown, an estate plan may require changes

When creating estate plans, families often make provisions for minor children, including the financial care and guardianship of those minors. However, minors grow up and often head to college. When a Michigan family sends a now-grown child to college, it may be the perfect time to sit down and rethink an existing estate plan.

It takes more than a will to complete an estate plan

Just as everyone's estate is unique and valuable to them and their family, the process of creating an estate plan also needs to be unique and address the individual needs of those who are affected by that estate. However, many people think the process simply entails creating a will to explicitly say who gets what. Michigan residents should understand there can be much more needed aside from a complete and legal will.

The creation of an estate plan is not just for the elderly

It is estimated that a large majority of young people have not thought about estate planning. The creation of an estate plan is often thought of as an elderly issue or an undertaking to be tackled once a certain level of wealth or assets has been accrued. However, young adults in Michigan may need an estate plan in place many years before they may traditionally think about such ventures.

Making an estate plan in steps can simplify the process

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.

Single Michigan residents should consider estate plan needs

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.

Childless Michigan couples should consider estate plan options

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.

After honeymoon, couples should start an 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.

Important to understand Michigan estate plan terms, paperwork

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.

An effective estate plan requires certain key documents

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.

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