The language of estate planning can be a little bit confusing. For example, there is a living will and a living trust, and there seems to be some confusion as to what the difference is between the two. In addition, if there is a living will, does there need to be a will? Part of the confusion comes from the wording of the different document names. Successful estate planning in Michigan consists of multiple documents.
Real estate market appears to be healthy
The residential real estate market in Grand Traverse County continues to be healthy. According to the online real estate site, Zillow, the median price for homes in the area has increased 9% in the last year and 32% since 2013. Number of days on the market has increased slightly in the last year, from 97 to 104. Data shows that April has been the busiest month so far, which is not unusual.
What determines if estate planning is needed?
Young adults frequently embark on the journey of adulthood with plans to build their fortune. The term estate planning conjures up images of considerable assets to be bequeathed to one's heirs at the time of one's death. However, anyone who has a family can probably benefit from establishing an estate plan in Michigan. While facing one's own mortality is not easy, the reality is that no one knows the length of his or her time on earth. In particular where children are concerned, parents may wish to designate guardians in the event that they pass away before children reach adulthood.
Estate planning can aid in treatment of chronic illness
It is no secret that the population in Michigan and around the country is aging. The fastest growing age group is that of people 65 and over. As people age, their health can deteriorate, and the fear of living with a chronic disease becomes a reality for many. Estate planning can not only help with the distribution of one's assets but can also provide needed information and guidance to a person's loved ones as the individual deals with a chronic illness.
Hidden assets can change the outcome of high-asset divorces
Financially secure couples in Michigan facing divorce have to consider a variety of unique concerns. Anyone going through a divorce will need to take careful steps to protect themselves and their interests, but those with more significant assets will have much more to lose if they aren't careful about how they approach the situation.
Digital asset protection is critical in estate planning
Anyone with an estate plan is aware of the importance of protecting financial and physical assets. A new category requiring protection that people need to be aware is that of digital assets. Technology has become an increasingly important part of people's day-to-day lives in Michigan, and the protection of the assets associated with that needs to be a priority when contemplating estate planning.
