It goes without saying that no one really wants to plan for his or her death. Although death is often a very difficult subject to discuss, planning for the inevitable before it actually happens is important. Having an appropriate plan in place will prevent loved ones from suffering hardships and difficulties down the road. Every family in Michigan can benefit from an estate plan, but a comprehensive plan involves more than just a few documents. Here are some common mistakes to avoid during the estate planning process.
Contrary to popular belief, estate planning doesn’t just involve deciding who gets property and assets after death. A proper plan can also give an individual the opportunity to decide how finances should be managed if he or she were to become incapacitated. Basic estate planning documents like a will are important, but do not forget to consider things like an advanced health directive or a health care power of attorney. These items will cover a person if he or she is not able to make financial decisions and ensure that any wishes are upheld.
When it comes to estate planning, the worst mistake to make is doing nothing at all. Every person at least needs a will, even if he or she does not have a high net worth or substantial amount of property. Without a will, the state would ultimately decide where assets go upon death. If no heirs can be found, all property and assets automatically become property of the state.
It is common to procrastinate when it comes to estate planning. Thinking about issues like illness and death can be unpleasant, but the sooner plans are made, the better. Knowing what to do and what not to do will ensure that a plan reflects wishes and desires when the inevitable happens. Michigan residents who have questions regarding any aspect of estate planning could gain clarity by consulting a knowledgeable and seasoned attorney.
