When a loved one is facing a terminal illness, it can affect all family members and the way in which life is lived day to day. Michigan residents who are in ill health need to think about estate planning and getting the proper documents in order as soon as possible. It will not only give them peace of mind but will also help their family members to focus on their loved one in the moment without having to think about the future.
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.
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.
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.
An estate plan should be an ongoing process in Michigan and around the country. Many factors can prompt the review of existing estate planning documents. Some of these include marriage, the birth of a child, a new job or a second marriage. When starting a new family, the needs of the previous spouse and particularly minor children should be considered.
The United States is largely a land of entrepreneurs. It was founded by people who fled their homelands in search of a better life for themselves and their families. This entrepreneurial spirit thrives in Michigan and elsewhere around the country as new technologies provide the impetus for the birth of new businesses on an almost daily basis. While estate planning is vital for the protection of one's family, it can also be vital to the protection of one's business.
February weather can be cold, snowy and cruel in northern Michigan. It can be a time to cuddle up in front of the fire with a good book or reflect on the resolutions one made for January that are still not begun. Maybe one of those resolutions was to look into estate planning in light of getting a new job or having a new baby. Both are good reasons to consider establishing a plan. Any adult can, and should, have an estate plan.
More and more Michigan residents are becoming aware of the importance of creating and maintaining estate plans. Most people are aware that wills and trusts and other documents involved in estate planning should be periodically reviewed and updated, particularly in the event of a life change such as a marriage, divorce or birth of a child. There is one important issue that is frequently overlooked and can have negative ramifications down the road.
Michigan residents have a lot to consider when they think about their estate plans. One of the biggest factors to look into is how they want their property distributed after their deaths. Certainly, family members and close friends come to mind, but some individuals may also be interested in using estate planning to leave some of their estate assets to charitable organizations.
A new year has arrived and along with it a multitude of resolutions made with the best of intentions. Many of those resolutions will be broken by February. There is one resolution that should be made and kept in Michigan. Resolve to review or establish estate planning in 2019.