As people become aware of the need to have an estate plan, they are putting them in place. But what about people who have had an estate plan in place for many years in Michigan? Some think that with the passage of the new tax law and the changes in inheritance taxes that they have no need to review their estate plans. Such may not be the case. Estate planning review may actually be more beneficial now than before the tax law changes.
Estate plans in Michigan are becoming more common as people better understand the need for them. However, just having one in place doesn't mean a person can assume that he or she is covered for all eventualities. There are maintenance issues to be aware of and mistakes to look out for. Like so many things, successful estate planning is in the details.
Everyone in Michigan should have an estate plan. People may think that they don't have enough to constitute an estate. Estate planning can ensure that whatever a person leaves behind will be handled according to his or her wishes and not left to the courts to decide. It may also protect one's heirs from unnecessary costs and expenses.
When a couple is considering going through a divorce in Michigan, it is likely that they will have kids, and this is one of the main reasons why divorces can be so complicated. However, studies show that it is more common for couples to divorce without children, and it makes things considerably easier from a legal perspective.
Death – it is not something that anyone wishes to contemplate. However, it will eventually happen to everyone. It seems that wills, like death, are issues that people delay dealing with in Michigan. In reality, crafting a will can bring peace of mind.
When people think of estate planning they may rule it out for themselves, believing they don't have enough assets to constitute an estate. Estate planning is not just for the wealthy in Michigan. Everyone can benefit from an estate plan.