estate planning Archives

No children does not equal no estate planning in Michigan

For whatever reason, many individuals go through life without having any children or close family. While this type of life does not necessarily mean that these individuals have led less fulfilling lives, as they get older, they may begin to wonder what will happen to their accumulated assets. Some Michigan residents may think that it is not even necessary to go through the estate planning process.

Michigan residents may wish to watch for estate planning errors

Though many Michigan residents like to have plans in place for various scenarios, they may not always understand certain aspects of certain plans. For instances, many individuals may think that estate planning is useful, but they may not be fully utilizing those plans effectively. Mistakes are not uncommon when it comes to this type of preparation, and therefore, parties may wish to be on the lookout for possible errors.

Estate planning could eliminate the search for heirs in Michigan

Some Michigan residents may not think creating an estate plan is necessary. If they have no close family or do not feel the desire to bequeath any of their assets to their family, they may skip the estate planning process altogether. However, even if a person does not create a plan, their estate must still be administered and beneficiaries determined. 

Estate planning: Michigan residents may benefit from trusts

Because everyone has different needs in life, it should come as no surprise that individuals have different needs when it comes to creating end-of-life plans. Luckily, there are a variety of estate planning options that can help Michigan residents choose the tools that allow them to create the best plans for their circumstances. For some, trusts provide many benefits.

Estate planning offers a variety of uses for Michigan residents

If a person chooses not to create an estate plan, he or she may miss out on the opportunity to address many important life aspects. Though some parties may think estate planning is unnecessary because the issues will no longer bother them after death, any problems will continue on with their surviving family. Additionally, estate plans could come in handy before the end of a person's life. 

Estate planning may help Michigan residents prep for future care

The idea of getting to a point in life in which a person can no longer take care of him or herself can be disheartening. However, many people, including those in Michigan, may face such a reality. Whether the situation arises due to an accident that causes severe physical or mental injuries, old age or serious illness, planning ahead for such an event may be wise. Luckily, individuals can utilize estate planning to address certain aspects of care.

Estate planning early may save Michigan residents from hardships

Many individuals may think that because creating an estate plan falls into the area of elder law, only older parties need to worry about making such plans. However, estate planning can be useful to adults of all ages. Unexpected life events can occur at any time -- often when individuals are least prepared -- and therefore, Michigan residents may benefit from considering their options for creating a plan.

Estate planning may help set up special needs care in Michigan

With only a few days left in the month of March, the National Developmental Disabilities Month will be coming to an end. This month may have helped many individuals become more aware of information and issues individuals with developmental disabilities may face. Additionally, parents who have children with such disabilities may have used this time to seriously consider the future care of their children. As a result, some Michigan residents may have started looking into their estate planning options. 

Why choose an executor?

One of the most important parts of creating an estate plan is choosing someone to be your executor. This is an incredibly important decision because your executor will be making a huge variety of major decisions for you. He or she will also be interacting with your family, close friends and beneficiaries. You will entrust the person with the power to handle your debts, assets and property, plus resolve any disputes that might arise after you've died or become incapacitated.