If you want to ensure that your loved ones are financially protected after you're gone, you must have an estate plan. An estate plan ensures that your assets are distributed according to your wishes, not the state's. Without an estate plan in place, Michigan law will determine who inherits your assets, and this may not mesh with your personal wishes. Below is an overview of some of the many things that a Michigan estate plan can do for you. If you have additional questions, please contact a Michigan estate planning attorney.
What You Can Do with an Estate Plan
Address your finances
A Michigan estate plan allows you to determine how your assets are held, transferred, and distributed to your beneficiaries during your lifetime and after your passing. An estate plan can also lower or eliminate your tax obligations.
Protect your privacy
When your estate goes through the probate process, everything is public. This means anyone can access information regarding your estate. With an estate plan, however, you can avoid probate and maintain your privacy.
Plan for incapacity
A Michigan estate plan can help you plan for incapacity. With the assistance of an experienced Michigan estate planning attorney, your estate plan can ensure that your assets will be properly managed if you ever suffer from mental incapacity or disability in the future.
Address business issues
If you own a business, you can include documents in your estate plan that ensure your business will continue in a manner you approve of after your passing.
Keep creditors away
If you include a trust in your Michigan estate plan, this can help shield your assets from creditors. Without a trust, however, your assets can be seized during the probate process to pay back creditors.
Avoid intestacy laws
In many states, unless a valid will exists, assets pass to the family members of a deceased individual according to state intestacy laws. In order to avoid this outcome, you have the option of addressing this issue in your Michigan estate plan.
Prevent waste
Irresponsible beneficiaries sometimes squander inherited assets. An estate plan can help prevent this from happening. By establishing a trust, you can establish who, when, and how your property is passed along.
Contact a Michigan Estate Planning Attorney
In order to ensure that your estate plan is legally effective, you need an experienced Michigan estate planning attorney on your side. Drafting a valid estate plan is one of the most important things you can do to protect yourself and your loved ones. With a proper estate plan, not only do you control your finances, but you significantly reduce the expense, delay, and frustration experienced by your loved ones upon your passing or incapacitation. Therefore, if you're ready to begin the estate planning process, please contact one of our experienced Michigan attorneys today for a consultation.