It’s easy to skip over the real need for estate planning if you don’t have children or substantial assets. You might even assume it’s just not worth the paperwork or money involved. Every Michigan family, however, should have an estate plan.
If you don’t decide who inherits your assets, state laws will intervene and do it for you. This means that someone that you do not wish to receive your assets may get it, or that a loved one who was promised something by you verbally, doesn’t receive it. This makes it very important identify an estate planning lawyer in your area.
Most people assume that estate planning only needs to be done once you own significant property or have a child where it makes sense to name a minor guardian.
Estate planning, however, is a very personal process and state laws apply a one-size-fits-all concept to your estate planning if you don’t take these strategies on your own. If you find yourself struggling to figure out what you want in your estate, a good place to start is to determine the assets and debts currently in your name that would end up in your probate estate. This gives you a frame of reference for what may be involved in the estate planning process. It is also important, even if you don’t have children, to think about challenges that may impact you during your life such as incapacity.
Many people underestimate the potential risk of developing a disability and coping with the consequences of that disability. It is strongly recommended that you find an estate planning lawyer in MI who can walk you through each step of planning for your estate both during your life and after you pass away.