As inevitable as it is, no person enjoys talking about his or her death. Although planning for the future is a good thing and always makes sense, many Michigan residents put off creating an estate plan until it’s too late. Contrary to popular belief, estate planning is not just for the wealthy; it’s something that can benefit every family. Here’s how to stop procrastinating and get a plan in place for the future.
Creating a will, trust or any part of an estate plan may seem overwhelming at first, but it can be helpful to keep in mind who the plan is actually for. Estate planning will benefit loved ones and make sure their future is secure. With a proper estate plan, an individual can provide guidance on what should happen to assets and belongings in the event of death, and who should be entrusted to care for children and/or pets. It goes without saying that establishing an estate plan is a wonderful gift to loved ones that are left behind.
For some people, hearing the worst case scenarios can spur them into action. For example, if a person were to die without an estate plan, state law controls who inherits assets and belongings. Without a will or trust, assets that a person worked a lifetime for could end up not where he or she intended.
Many people put off drawing up an estate plan simply because they think the process is complicated and overwhelming. Instead of putting it off, it can be helpful to go ahead and make an appointment with a professional now, but schedule it for a few weeks down the road. This way it is on the books but there is also plenty of time to prepare. Although estate planning can be complicated, there is no need to worry because the attorney will be doing most of the work. Michigan residents can benefit by consulting a seasoned attorney who can help to ensure that their families are taken care of.