Although necessary, planning for the inevitable event of death is often something that is often neglected. It can be uncomfortable to talk about dying or what will happen to a person’s possessions after his or her death. Not surprisingly, about half of Michigan residents don’t have a will or an estate plan. Here are a few reasons why estate planning can be beneficial for nearly every family.
Protection of assets is a main reason why most families need to have an estate plan in place. Wills, trusts and other parts of an estate plan allow a person to allocate assets and personal property according to his or her wishes. Without a plan in place, family heirlooms or money could go to the wrong person or may not stay in the family as desired. If an individual dies without a will in place, he or she is considered to have died intestate, and the probate court will then decide how property is divided according to state statutes.
Estate plans will also allow those with dependent children to make a plan for child care if both parents pass away. This is something that many young couples rarely think about. However, in considering the possibility of both of their untimely deaths, parents will need to appoint a guardian of their children. Having a plan in place will eliminate the risk of relatives squabbling about who will get custody of the children.
Although it may be uncomfortable to talk about, every family in Michigan should consider an estate plan. Those who would like to begin this process or have questions regarding any aspect of estate planning may want to consider discussions with a legal representative. An experienced attorney can provide guidance and help families create the best plan to fit their needs.