Ask people on the street in Michigan if they have an estate plan in place and the likely response will be that they have wills and so are all set. But is that true? Are wills the best answer? What about a trust? In fact, what is a trust?
Death – it is not something that anyone wishes to contemplate. However, it will eventually happen to everyone. It seems that wills, like death, are issues that people delay dealing with in Michigan. In reality, crafting a will can bring peace of mind.
Developing an estate plan often does not reach the top of the typical Michigan resident's "to do" list. In its most basic form, estate planning involves drafting a will. Regardless, drafting wills may make the "to do" list; however, far too often this important task does not make its way to the top of the list.
Taking care of one's family is perhaps at the top of the list of important things that individuals throughout Michigan are concerned about. On a daily basis, one makes sure that the children and other family members are taken care of, important matters around the house are dealt with and any pressing matters are addressed. Yet, all too many individuals fail to realize the importance of wills in taking care of one's family.
Many individuals are often bequeathed assets from loved ones' estates. Though much of the information pertaining to inheritances and other estate aspects is contained in wills, some surviving loved ones may face issues if they do not understand or even hear the contents of those documents. Michigan residents may be interested in one family's predicament currently underway in another state.
You wrote your will. You had all of the documents notarized, spoke with an estate lawyer; everything is in place. A few years pass, maybe ten, maybe twenty. You have a will, what need is there to change it? Well, sometimes, it?s necessary. You may have experienced love, loss, heartbreak, bankruptcy, seizure of goods or property, etc. which all play into what you have written and left in your will. Keeping these things up to date to protect not only you but your family is very important. Let?s explore some scenarios.
This question may be weighing on your mind for a variety of reasons: I don?t have a huge estate, why do I need a will? I don?t have any children so is there a need? I don?t want to give any of my money to my family, so do I need it? Regardless of if any of these questions ring true for you, there is immense value in having a will.