If you are like most people, you probably have a list of things you mean to get around to but never do. Whether a written list or a mental one, it is easy to put things off until one day it is too late.
Many people delay either making or reviewing their estate plan, which can increase the risk your family ends up in probate litigation when you die. The clearer you leave things, the less room there is for misinterpretation or arguments. Here are some things you can do to reduce the potential for problems:
- Review your estate plan regularly: A lot can happen in a few years. Your business could triple in value, or it could go into liquidation. You could get married or divorced, a named beneficiary could die, or a new grandchild could be born. Ensure your plan is adequate for your current personal and financial circumstances.
- Avoid: While a surprises dramatic reading of a will makes for gripping viewing on television or at the theatre, it is not ideal for family dynamics. If you want to leave all your money to a secret daughter that your family does not know about, expect fireworks. Explain your plans to your family while you are still alive. It allows you to give them your reasons rather than leaving them to try and guess.
- Ensure it is legally correct: Any errors with your estate plan could raise the chance of probate litigation. An attorney can ensure you comply with the laws. They can also advise you of the tools available to reduce fees and taxes.
Seek legal help to understand more about the reasons people may pursue probate litigation in Michigan.