Estate planning decisions that must be made

| Oct 15, 2015 | Estate Administration & Probate |

Some Michigan residents are natural planners. For others, planning takes effort and work. Thinking about the future, especially questions involving mortality, can be difficult for some people. However, most people likely want to take care of their love ones following their own passing. Estate planning helps to ensure that people’s love ones are taken care of, so they do not need to worry about the future.

When people think about estate planning, they may think about drafting legal documents. While the legal documents are an important step in the process, they are not the only part of estate planning. Often, other action needs to be taken in order to ensure that the estate plan can be put into action.

Michigan residents should keep these additional steps in mind while they still have time. For example, M should be sure that they have appointed the estate administrator to carry out the wishes described in their estate plan. Additionally, an inventory of all assets can be an immensely helpful step. This should include both physical and non-physical assets, so that it is clear what property must be divided and how it is to be distributed.

People should also make a list of their debts and other financial obligations. This can make it easier for an estate administrator to close these accounts. Also, people should review their retirement accounts, and other financial accounts — like CD accounts and savings accounts — to ensure that the beneficiary designations are correct.

For most people, thinking about their own death is an unpleasant and unwelcome experience. However, estate planning attorneys understand the legal and emotional complexities that surround this issue. Michigan residents should consult with an attorney to ensure their estate plans meet their needs.

Source: Investopedia, “Estate Planning: 16 Things To Do Before You Die,” Steven Merkel