If a person chooses not to create an estate plan, he or she may miss out on the opportunity to address many important life aspects. Though some parties may think estate planning is unnecessary because the issues will no longer bother them after death, any problems will continue on with their surviving family. Additionally, estate plans could come in handy before the end of a person’s life.
A plan can allow Michigan residents to detail how their affairs should be handled after death. How property should be divided is often a main concern. Because surviving family can have a difficult time dealing with such tasks without instruction, leaving some sort of plan for bequeathing assets could save loved ones time and unnecessary stress.
If parties wonder how a plan could help during their lives, they have the opportunity to choose who will care for them in the event of incapacitation. A patient advocate, or health care agent, can be designated to make medical decisions for a person in the event that he or she becomes unable to do so. Similarly, a financial agent will address financial needs for an incapacitated individual. Therefore, parties may wish to explore options for power of attorney agent appointments.
Rather than simply considering estate planning unnecessary for one reason or another, Michigan residents may want to find out more information. They may uncover a use for these plans that they may not have previously known and feel the desire to create plans of their own. Consulting with experienced attorneys could help interested individuals obtain useful knowledge and craft plans to their needs.
Source: thetimesherald.com, “Estate plans: Who does what and when?“, Matthew Wallace, April 28, 2017