As the year draws to an end in Michigan, one's thoughts may be drawn to a review of the year almost passed and plans for the year about to begin. Plans for the new year may include taking steps to protect one's family for the future. This may include establishing an estate plan to help ensure that one's final wishes are carried out and that loved ones are provided for. What is entailed in estate planning?
Many pieces of the pie that may go into an estate plan are fairly obvious. What are one's assets and are they wholly owned or held in partnership? Should there be a trust? Are there minor children to be provided for and who are the designated guardians for them? Another question that may come up regards one's values.
To create a comprehensive plan that accurately reflects the principal's final wishes, an understanding of one's values can be very helpful. This may help clarify charitable bequests and share with family and loved ones a person's beliefs and core values that might not have been shared in life. Such knowledge can provide comfort to family and loved ones at a difficult time.
No one wants to contemplate one's own death. However, preparation for the unknown can ease the process for those left behind in Michigan. Carefully crafted estate planning can do away with many questions often faced by loved ones at a difficult time. Having a clear expression of one's final wishes and information regarding assets and other important information can be a priceless gift.