Michigan residents need to plan for the future. This doesn't just include planning for the coming days and weeks, but also for the longer-term. They need to plan for their deaths, for example. Estate planning and administration are important topics for Michigan residents to consider. People need to plan to ensure that their families are taken care of when they are no longer around.
While some people may think that estate planning is a complicated and drawn out process, there are many things that people can immediately do to plan for the future. By taking a few simple steps, people can prepare themselves and their loved ones in case the unforeseen happens.
First, people can open the lines of communication. People need to speak with their spouses and other loved ones about their final wishes. In particular, adults with children need to have these conversations with their loved ones, as some reports suggest that a lower percentage of parents than non-parents typically do.
Second, people need to know where their financial records are. According to some studies, around 30 percent of married adults with children don't know where to access important financial records. Understanding where these documents are, and how to obtain them, is crucial in case of emergencies.
Finally, Michigan residents need to consider writing a will. Especially for parents, a will can be vital if a person dies. Not only does a will address the financial aspects of the person's estate, but it will also explain how to handle issues surrounding the person's children. However, reports point out that up to 70 percent of adults with children under the age of 18 do not have a will in place.
Estate planning does not have to be a complicated or time-consuming venture. However, Michigan residents need to take some time to consider how they want their estates to be administered. People should make sure they understand their legal rights and options when it comes to their estate administration and planning needs.
Source: USA Today, "5 ways couples can tackle estate planning now," Barbara Marquand, Nov. 14, 2015