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.
A study recently conducted by a wealth management firm asked its advisors about the issues facing their clients who held estates with a minimum value of $2 million. The number one issue cited was that of dealing with family relationships and emotions. They also indicated that many clients felt they were too young to have an estate plan.
One question asked had to do with who initiated the discussion regarding estate planning. In 66 percent of the cases the advisor was the first to broach the subject. Families need to be proactive on this issue as failure to establish and maintain a plan can leave the distribution of one’s estate up to the courts. Emotional hurdles can be hard to overcome, particularly if there are multiple marriages and children involved. But establishing a plan and making decisions known can save loved ones additional pain and heartache at what is already a difficult time.
While discussions concerning one’s death and what is to become of one’s belongings can be difficult, not having them can result in prolonged emotional pain and drawn out court battles after one has passed. A person in Michigan who is concerned about the distribution of one’s estate following one’s death should consult with an experienced estate planning attorney in Michigan. Having these difficult issues resolved can allow one to enjoy time with family and loved ones knowing that final wishes will be carried out as intended.