Retirement accounts, investment accounts and home equity are usually part of the equation as a Michigan couple grows older and approaches their golden years. However, research is also showing that for more and more of these couples, divorce is also becoming a reality. The number of Americans over the age of 50 who decide to divorce has almost doubled in the past 30 years.
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?
Years ago, the typical Michigan household consisted of mom, dad and the children. However, today's reality is that many households have gone through the divorce process, and one parent is no longer an everyday presence in the home. Regardless, for the most part, the noncustodial parent is diligent in meeting child support obligations.
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.