It’s safe to say no one loves talking about death. This is one of the many reasons why planning for this inevitable event is something that many families put off. It is estimated that nearly half of all Michigan residents do not have a will or any kind of estate plan. Here are some ways a comprehensive estate plan can be beneficial for nearly every Michigan family.
Most families want to protect their assets and keep heirlooms within the family. This is a big reason why having an estate plan is essential. Families can use documents like trusts and wills to allocate property and assets according to their wishes and ensure that these things are passed down appropriately. If a person dies without any type of plan in place, the state determines how their possessions are distributed. Without an estate plan, money or precious heirlooms could go to the wrong people or not stay in the family as desired.
Families can also use estate plans to protect their children and ensure they are taken care of if both parents pass away. Parents can appoint a guardian for their kids if they both die. By specifying this in an estate plan, families can eliminate the risk of relatives squabbling about who will get custody of the children.
Benefits for every family
Although it’s not always comfortable to talk about, almost every family can benefit from having an estate plan. Those in Michigan who have questions about estate planning or would like to begin creating a plan can get help by speaking with an experienced legal professional. A knowledgeable attorney can provide invaluable guidance and help families construct an appropriate plan to best fit their specific needs.