“No one gets out of here alive” is often a good-natured statement that people may make regarding their mortality. The truth is, no one lives forever and planning for one’s legacy is not something to be taken lightly. When people in Michigan consider estate planning they may give little consideration to what actually can go into an estate plan. It is not a one-size-fits-all proposition.
There are many components that can comprise a plan and not all of the components are right for all people. In addition, each component can be constructed differently and should be tailored to meet the client’s specific needs. A popular item is the revocable living trust but it is not necessarily right for all situations. A living trust can be time-consuming and expensive. It is typically considered as a means to avoid probate but there are other options.
An alternative to the trust can be nonprobate transfers, powers of attorney and wills. Each person’s needs will be different and should be carefully considered. If an estate is not complicated there is a good chance that the estate plan need not be a complicated package. It should allow for one’s final wishes to be carried out according to one’s plans.
People in Michigan understand the importance of having an estate plan in place. One who does not yet have one might benefit from consulting with a knowledgeable estate planning attorney. An experienced lawyer can review one’s financial and other assets and recommend a plan that is appropriate for the client now and allows for adjustments in the future.