Planning for one's estate is becoming recognized more and more as an essential tool for protecting wealth in Michigan in order to pass it on to the next generation. This may be particularly true of the baby boomer generation as they enter retirement. They may wish to reap the benefits of their wealth in retirement but also leave some behind for family or favored charities. Without good, well-thought-out estate planning in place, this is a risky proposition.
Real estate has for a long time been considered a sound investment. When a young couple marry one of their first goals may to be to buy a house. This desire to own real estate appears to be alive and well in northern Michigan.
What happens to one's wealth and property after death can be a difficult subject to broach in Michigan. People are seldom comfortable confronting their own mortality, and family dynamics can play a part as well as people may be fearful of causing family conflict when estate planning is discussed. Perhaps people should consider that the conflict can happen now, while they can exercise some control, or after they have passed when they will have no control.
Going through a divorce at any point in your life is bound to have an impact on your financial circumstances. After all, you will have to split the assets and debts acquired during your marriage with your ex. Then there is the consideration of the cost of the divorce itself.
The need to have a will and other estate documents is widely accepted and practiced in Michigan. As with so many other aspects of modern society, estate planning is full of terms that can almost sound like a foreign language to those trying to make sense of all of the different components. One aspect of estate planning that may create confusion is the use of a revocable trust.