Young people entering the workforce in Michigan and just beginning their professional and family life may see estate planning as something to worry about further down the road. The reality is that, like planning for retirement, it is better to start estate planning sooner rather than later. There are some common misconceptions around this.
One such common misconception is that it can better be done when a person is older. A sad truth is that sudden death can befall anyone at any age at any time. With no estate plan in place it could make a difficult time for loved ones even more difficult.
One may believe that having a will in place is sufficient to cover any eventualities that may occur. A will can take care of distribution of assets that are in the person’s name alone; assets held jointly are another matter. Another belief is that an estate plan, once established, cannot be changed. Estate plans are meant to be fluid as people marry, have children, change jobs and so on. Any change in a person’s financial or familial status may necessitate a change to an estate plan and the more detailed and comprehensive an estate plan, the easier it may be for family and loved ones to fulfill one’s final wishes.
A person in Michigan who is considering establishing an estate plan may benefit from a conversation with a knowledgeable estate planning attorney. An experienced lawyer can help one set up an estate plan for the present and also help outline steps that may need to be taken in the future. This can provide for peace of mind in the assurance that one’s estate will be distributed as intended when the time comes.