The complexity of any given task will cause many people put it off for as long as they can. Estate planning probably falls within that realm of thinking for a large number of Michigan residents. Sure, most people know that they need a will, but even that can seem like a complex task that can be pushed off until another day. Recognizing this common mental block, a recent article sought to educate readers on how to make the process a little less intimidating.
Estate planning should be revisited yearly
Estate planning can be tricky business. When an individual has a lot of money or other assets to leave, drafting the proper documents, following proper procedures, and working with people you can trust are essential. A mistake in any of these areas can lead to unintended, tragic consequences that may leave family members without family property. One way to avoid problems such as a will contest or probate litigation is to update estate planning yearly. There are several reasons why this may be in the planner's best interest.
Knowing the difference between revocable and irrevocable trusts
Some of our Michigan readers know exactly what they are looking for when they begin the process of drawing up an estate plan. Most people, however, don't really even know where to start, other than perhaps knowing that a will is probably important to have. The good news is that there are more resources than ever that can help educate a Michigan resident as to the vast range of estate planning options, and one area that is probably cloaked in mystery more than any other is trusts.
Goals of estate planning
Most of our Michigan readers know the basic goals of a will. First, the will is intended to designate property distribution among relatives, friends and charities, so that a person's assets will be passed on to those individuals or organizations specifically designate by the estate planner. These assets could include personal property, business assets, real estate or cash. Sitting down and crafting an approach during the estate planning process can give the planner the comprehensive approach - and comprehensive answer - that they want to provide some piece of mind.
Protect estate with a living trust
Many people, perhaps even some of our Michigan readers, have a will that sets out their wishes for after they die - and they believe that is all that they need. While it may be true in a limited amount of cases that just having a will is enough - and, granted, that is better than nothing - the fact of the matter is that most people will need to have more documents drafted to ensure that every possible eventuality is discussed and planned for to maximize their efforts in protecting inheritance. As mentioned in a recent article, for those with a more significant amount of assets, a living trust could be the best option.
