In some Michigan families, the family all sits down together and irons out the details regarding how one's estate and affairs will be handled when his or her time comes. In other families, there is no discussion or action taken, and the family simply must abide by the court's decisions regarding the loved one's estate. Most family estate planning actions fall somewhere in between these two extremes.
Creating a will, naming beneficiaries and selecting an executor are all part of planning for the end of one's life. However, what many Michigan residents fail to realize is that there may be a number of years toward the end of one's life in which he or she may need care beyond what the family is able to provide. The possible need of this care should also be considered as one going through the estate planning process.
As long as one remains healthy, financial and medical decisions are just a normal part of daily life. However, if the individual suffers an accident or medical condition and is unable to make sound decisions, it will be necessary for someone else to step in. With the proper estate planning documents in place, the individual is able to specify who should be the one to step in; however, without these documents, it will be left up to the Michigan courts to appoint someone.
Over the years, one begins to realize that life does not go on indefinitely. The simple fact is that while each Michigan resident would like to think that he or she has plenty of time left, no one really knows for certain. As such, before it is too late, it is important to make sure that loved ones are taken care of through the estate planning process.
The typical Michigan resident spends his or her life working, raising a family and planning for the future. As one ages, thoughts of how assets should be distributed upon death come to mind. For some families, giving part of the inheritance to beneficiaries prior to one's death makes sense. However, for estate planning as well as other legal purposes, one may want to reconsider that option.
Planning for the future takes on many forms depending upon each family's circumstances. For some families, a basic will is all that is really needed. However, for many Michigan families, there is the need for a more well-developed estate plan. Based upon the family dynamics and other concerns, estate planning should be a priority in planning for the future.
It's done. You got the agreement hammered out, it's been signed and you are now officially divorced. Your next step is making sure your assets and property are in your name alone. But is there one thing you are forgetting?
Time and money are often spent planning for the future. At some point in time, the average Michigan resident recognizes the need for estate planning. When this happens, a will or perhaps trust accounts are established, allowing the individual to specify exactly who should receive what upon his or her death. However, all of this hard work can be in vain.
Planning for the future takes on many forms. Creating a will and deciding who will inherit what assets is just a part of the estate planning process for many Michigan individuals. Perhaps one of the most important parts of this process is planning for what needs to happen and who should make decisions if one is no longer able to make them.
Planning for the future takes on many forms. Many families plan for college, vacations and even the purchase of their dream home. One other type of planning Michigan families need to consider is estate planning.